KUCHING: A Sarawak Consolidated Industries Bhd (SCIB) unit is buying a four-storey shophouse in Vista Tunku, Petra Jaya here for RM1.3 million.
Wholly-owned subsidiary SCIB Concrete Manufacturing Sdn Bhd (SCM) entered into a sale and purchase agreement with Zecon Land Sdn Bhd on Tuesday (Jan 22) for the deal in a related party transaction.
Zecon Land is 100%-owned by Zecon Bhd, which has common shareholders with SCIB.
The purchase price for the shophouse is at a discount of three percent of the listed price to be satisfied by way of offsetting and partial settlement of outstanding amount due and owing by Zecon group to SCM, SCIB said in a filing with Bursa Malaysia.
Zecon group owes SCM about RM2.29 million. On completion of the sale and purchase agreement, which is expected within 12 months, the outstanding debts will be reduced to about RM988,448.
On completion of the purchase, SCM will put up the shophouse for sale.
SCM is involved in the trading of construction materials, manufacturing and sale of precast concrete pipes, prestressed spun concrete piles and other related concrete products.
Meanwhile, a director of WTK Holdings Bhd has significantly reduced his shareholding in the timber/plantation company.
Non-independent non-executive director Alfian Mohamed Basir has sold down his stake to about 1.41 million shares or 0.295 percent from about 5.24 million shares or 1.10 percent as of March 23, 2018 (based on the company annual report).
Between Jan 16 and 18, 2019, he disposed of 263,000 shares at an average price of 46.2sen each.
Alfian is also director of two other listed companies. He is Willowglen MSC Bhd’s non-executive chairman and EUPE Corporation Bhd’s independent non-executive director.
WTK share price was battered and fell to recent low of 41.5sen after the Sibu-based company reported a massive loss of RM189 million in financial year 2017.
The losses were due mainly to the winding up of the group’s oil and gas firm that was acquired in 2014 to provide accommodation workboats for the offshore oil and gas sector.
WTK returned to profitability and chalked up group’s net profit of more than RM69 million in the first nine months ended September 30,2018 from a loss of RM39 million a year ago. Group revenue improved to RM603 million from RM567 million during the same period.
Besides logging and downstream processing of timber products as well as oil palm plantation, the group is involved in the manufacturing and sale of adhesive and gummed tapes and trading of tapes, foil, papers and electrostatic discharge products. – Alvin Tang
