KUALA LUMPUR: Industrialised building systems specialist Sarawak Consolidated Industries Bhd has received shareholders' approval for two pivotal proposals during its extraordinary general meeting recently.
The proposed initiatives are aimed at bolstering SCIB's financial framework and supporting its expansion through strategic talent retention.
The first proposal involves the capitalisation of an aggregate RM11.3 million debt owed to Goh Hardware & Construction Sdn Bhd by wholly-owned SCIB Properties Sdn Bhd.
This will be achieved through the issuance of 18.5 million new shares at 61.1 sen each, significantly above the current market price of 31 sen.
The other proposal is the establishment and implementation of a long-term incentive plan (LTIP) covering up to 15.0 per cent of the total number of issued shares at any point in time during the plan's tenure.
"The LTIP is designed to retain and motivate eligible directors and employees of SCIB, crucial for the company as it navigates through a phase of rapid expansion," it said.
SCIB managing director Ku Chong Hong, Managing Director of SCIB said the initiatives underscore its commitment to financial stability and talent retention.
"The capitalisation of RM11.3 million debt into SCIB Properties reflects our proactive approach to enhancing financial health and shareholder value.
"The establishment of the LTIP s a testament to our dedication to fostering a high-performance culture, crucial for our rapidly expanding operations.
These resolutions signify a major milestone for SCIB, setting a solid foundation for the company to advance its business objectives and deliver enhanced value to stakeholders, Ku added.
