The Board of Directors of Sarawak Consolidated Industries Berhad (SCIB) announced that the Company had on 4 January 2024 received an offer from Jabatan Tanah dan Survei, Bahagian Kuching for the acquisition of 5 plots of land known as Lot 787,788,789, 790 and 791 Block 4 Muara Tebas Land District (Plots 11,12,13,14 and 15) at Taman Perindustrian Demak Laut Phase IIb (Stage 2), Kuching, Sarawak with a total area of approximately 8.8544 ha (about 21.879 acres) (the Land), for a total purchase consideration of RM21,621,356 (Purchase Consideration) to be satisfied in cash. The Board of Directors of SCIB announced that the Company had on 26 January 2024 accepted the offer from the Land and Survey Department of Sarawak for the Land Acquisition, subject to terms and condition as stipulated in the Letter of Offer. The Land comprises of 5 plots of industrial leasehold land known as Lot 787,788,789,790 and 791 Block 4 Muara Tebas Land District (Plots 11,12,13,14 and 15), each with a tenure of 60 years with a total area of approximately 8.8544 ha (about 21.88 acres), located within the Muara Tebas Land District at Taman Perindustrian Demak Laut Phase IIb (Stage 2), (also known as "the Demak Laut Industrial Park"), Kuching, Sarawak.

The Land is located approximately 15 kilometres from the Kuching City Centre, Kuching, Sarawak. Terms and Conditions of the Land Acquisition: The Lands is to be used only for industrial purposes; The proposed construction of the industrial factory on the Land must be completed and be operational within 3 years from the date of the registration of the land title. If the factory is completed within 3 years as mentioned above, the Company can apply to the Land and Survey Department of Sarawak for exemption from the fourth and fifth instalment payments.

No dealing affecting the Land may be effected without the consent in writing of the Minister for the time being responsible for the Land; No transfer affecting this land be effected without the consent in writing of the Minister for the time being responsible for the Land. No sublease affecting the Land may be effected without the consent in writing of the Director of Lands and Surveys during the initial period of 5 years from the date of registration of the Land.