The Board of Directors of Sarawak Consolidated Industries Berhad ("SCIB" or "the Company") wishes to announce that SCIB Properties Sdn. Bhd. [Registration No.: 200101019135 (554892-V)], a wholly-owned subsidiary of SCIB had on 12 December 2023 entered into a Memorandum of Understanding ("MOU") with Kemena City Development Sdn. Bhd. [Registration No.: 202201014461 (1460158-X)] and Smart Borneo Properties Sdn. Bhd. [Registration No.: 202101016056 (1416356-K)] (collectively referred to as "Parties") to assess and collaborate on a potential joint venture related to the development ("Proposed JV") on Lot 43 & Lot 44, Block 34, Kemena Land District, Bintulu for residential development purpose wherein, the area of the said land is approximately 50 acres and consists of approximately 600 units of residential houses with an estimated gross development value of RM250,000,000.00.

Full details of the MOU attached below.

This announcement is dated 12 December 2023.

Please refer attachment below.