KUALA LUMPUR: Sarawak Consolidated Industries Bhd’s (SCIB) wholly owned subsidiary, SCIB Holdings Sdn Bhd, has entered into a conditional share sale and purchase agreement (SSPA) with YTL Cement (Sarawak) Sdn Bhd, an indirect subsidiary of YTL Corp Bhd, for the proposed disposal of its entire 100% equity interest in SCIB Concrete Manufacturing Sdn Bhd (SCM) for RM113mil cash.

In a statement, the industrialised building systems specialist said the disposal consideration is consistent with the indicative offer previously made by YTL Cement Sarawak on Oct 2, 2025.

The proposed disposal involves 18.58 million ordinary shares in SCM, representing the entire 100% equity interest, to be sold to YTL Cement Sarawak.

SCIB said the shares will be transferred free of encumbrances and with all rights and entitlements intact as at the completion date.

The transaction is subject to shareholder approval at an extraordinary general meeting to be convened in due course.

SCIB said the disposal consideration represents a premium of 14.77% to SCM’s latest unaudited net assets of RM98.46mil as at June 30, 2025, and a premium of 26.91% to its audited net assets of RM89.04mil as at June 30, 2024.

The proposed disposal is estimated to generate a gain of RM11.29mil, which is expected to strengthen the company’s net assets and earnings in the near term.