KUALA LUMPUR, July 11 — Industrialised building systems specialist Sarawak Consolidated Industries Bhd (SCIB) has inked a memorandum of understanding with Irix Sdn Bhd to participate in the South-east Asia-Hainan-Hongkong Express Cable System (SEA-H2X) project.

Irix is the sole shareholder of Irix SEA H2X Sdn Bhd, which is part of an international subsea cable consortium that is involved in the project.

In a filing with Bursa Malaysia, SCIB said the estimated value of its involvement in the project amounts to RM250 million and it shall take up to 30 per cent of Irix SEA H2X’s issued capital with future collaboration in further development and expansion of the project.

SCIB managing director Ku Chong Hong, in a separate statement, said the company’s selection as a strategic collaborator for this significant project underscores its strong capabilities and robust reputation in the industrialised building system sector.

"We eagerly anticipate the mutually beneficial outcomes this project promises to bring and look forward to strengthening our relationship with Irix and other partners for more such ventures in the future,” he said.

SCIB’s order book has a cumulative contract value of RM365.99 million to date. — Bernama