KUALA LUMPUR (April 14): Sarawak-based Sarawak Consolidated Industries Bhd (SCIB), whose largest shareholder is Datuk Dr Mohd Abdul Karim Abdullah, the billionaire behind Serba Dinamik Holdings Bhd, is acquiring a loss-making construction firm in Seri Kembangan, Selangor for RM4.98 million to explore business expansion plans in Peninsular Malaysia.
In a bourse filing, SCIB said the group inked a conditional share sale agreement with three individuals Noorazylawati Abdul Bakar, Mohd Khairil Mohd Hatta and Ibrahim Mohd Noor to acquire Kencana Precast Concrete Sdn Bhd (KPCSB). It will settle the purchase via a combination of internal funds and/or bank borrowings.
SCIB said the purchase price was arrived at after taking into consideration the market value of a parcel of land owned by KPCSB, which was appraised to be worth RM5 million (about RM47 per square foot), based on a valuer s report in mid-2019. No other details of the plot were provided.
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ECRL - first tunnel breakthrough six months ahead of schedule
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The East Coast Rail Link (ECRL) managed to achieve its first tunnel breakthrough six months ahead of schedule, said Malaysia Rail Link Sdn Bhd (MRL) chairperson Mohd Zuki Ali.
He said the tunnelling works at the Paka Tunnel were done quickly and efficiently, despite challenges faced during the construction period including the renegotiation between Malaysia and China governments, and the nine-month delay due to the Covid-19 outbreak.
All Access Plan
The East Coast Rail Link (ECRL), Malaysia s mega rail project jointly constructed with China Communications Construction Company (CCCC), saw on Friday the first tunnel breakthrough in Terengganu state.
The breakthrough ceremony of the 1.1-km long single-bored Paka tunnel was attended by officials and representatives of project owner Malaysia Rail Link (MRL) and CCCC.
Despite major challenges faced during the construction period including work suspensions and strict containment measures against the COVID-19 pandemic, the tunnel site team managed to achieve the breakthrough ahead of schedule, according to MRL and CCCC.
Expressing his appreciation for the excellent work progress at Terowong Paka, MRL Chairman Mohd Zuki Ali said the hard work and commitment of about 100 ECRL personnel in carrying out the tunneling works have contributed to the breakthrough. All other related tunnel civil works are expected to be fully completed by the first quarter of 2022.