SCIB accepts RM49 mln Islamic financing from MIDF to support new Demak Laut factory
Ku Chong Hong
KUCHING (April 29): Industrialised building systems specialist Sarawak Consolidated Industries Berhad (SCIB) announced that its indirect wholly-owned subsidiary, SCIB Concrete Manufacturing Sdn Bhd (SCM), has accepted three letters of offer (LO) from Malaysian Industrial Development Finance Berhad (MIDF) for a total financing amount of RM49 million under the Islamic Soft Financing Scheme for Automation and Modernisation (SFSAM-i).
This strategic financing package will support the company's development of its new manufacturing facility located at Demak Laut Industrial Park Phase 11B (Stage 2) here.
The RM49 million financing will cover three core components critical to the new facility's establishment.
A portion of RM13.6 million will be used to part-finance the acquisition of five industrial plots situated at Muara Tebas Land District.
Additionally, RM20 million will be allocated to part-finance the construction of the new factory, which will include facilities such as an office block, store, workshop, and factory production areas.
The remaining RM15.4 million will be channelled towards part-financing the acquisition of new, high-capacity machinery to support the modernisation and automation of the manufacturing processes.
'This financing package from MIDF is a significant milestone in our growth journey. It not only supports our ongoing expansion plans but also reinforces our commitment to modernising our manufacturing capabilities through automation,' said SCIB managing director Ku Chong Hong.
'The development of our new facility in Demak Laut will substantially enhance our production efficiency, capacity and ability to serve large-scale infrastructure projects across East Malaysia and beyond.'
The establishment of the new manufacturing facility, together with the acquisition of advanced machinery, will enable SCIB to significantly broaden its conventional product range and enhance production efficiency.
This expansion positions the company to meet the growing demand for high-quality, locally manufactured building components, particularly as Malaysia accelerates the rollout of major infrastructure projects.
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