YTL Corp to acquire SCIB Concrete Manufacturing for RM113mil

PETALING JAYA: Sarawak Consolidated Industries Bhd (SCIB) has received an offer from YTL Corp Bhd to acquire its wholly-owned subsidiary, SCIB Concrete Manufacturing Sdn Bhd for RM113mil.

In a filing with Bursa Malaysia, the industrialised building systems specialist said it received an indicative letter of offer from the indirect subsidiary of YTL Corp, YTL Cement (Sarawak) Sdn Bhd, and SCIB has resolved to accept the offer.

SCIB said the offer is subject to several conditions, including the successful negotiation and execution of a definitive share sale and purchase agreement.

SCIB executive chairman Datuk Chong Loong Men said the indicative offer represents an opportunity for the group to explore potential value realisation in one of its core business units.

“While we have accepted the offer in principle, it is still early in the process. We will proceed carefully while seeking advice from our appointed professionals and evaluating the proposal in its entirety before reaching a final decision,” he said in a statement yesterday.

He added that the group will continue to explore strategic opportunities and carefully consider all options, always with the aim of choosing what serves the company and its stakeholders the best.

SCIB said further announcements will be made upon the execution of the definitive share sale and purchase agreement, or should there be any material development.