SCIB to continue operating as usual despite shares suspension

KUCHING: Sarawak Consolidated Industries Berhad (SCIB) announced that its operations will continue as usual despite a stock trading suspension by Bursa Malaysia Securities Berhad (Bursa Securities) from Nov 9.

SCIB in a statement said the trading suspension pertains to Bursa Securities rejecting an appeal by SCIB made on Oct 8 for an extension of time until Dec 31 for the company to release its annual report for the financial year ended June 30 that was due on Oct 31 this year.

“The appeal for the extension of time was made because the Company could not finalise the audited financial statements in time for inclusion in the annual report due to a change of external auditor and the movement restrictions imposed to curb the spread of Covid-19,” SCIB said.

SCIB Group managing director and chief executive officer Rosland Othman said the company is currently working with its external auditor to expedite the finalisation of the audit of the financial statements and we are targeting the annual report to be issued by December this year.

Rosland then reassured all of its stakeholders, business partners, vendors and employees that SCIB will continue with daily operations as usual despite the stock trading suspension.

“Our expansion plans remain intact as we leverage on our strengths of being the largest precast concrete and Industrialised Building System (IBS) manufacturer in East Malaysia to develop opportunities including in Peninsular Malaysia.

“We are also adopting 3D technology for our construction projects as we believe that this will help expedite projects by having shorter construction periods.

“We also believe that a combination of IBS and 3D technology will give us an edge over our competitors as the construction industry becomes more accepting of cuttingedge technology with quality assurance and efficiency,” he added.