Sarawak Consolidated Industries Bhd (SCIB) has accepted a revised contract valued at RM162 million for constructing high-rise residential units in Kota Bharu, Kelantan, under the PR1MA Corp Malaysia affordable homes scheme.

The revised contract, up from an initial estimate of RM120 million, was secured through SCIB's subsidiary, SCIB Properties Sdn Bhd, which then appointed another subsidiary, SCIB Industrialised Building System Sdn Bhd (SIBS), as the main contractor.

The contract requires SIBS to deliver 632 residential units in Sering district within 36 months, followed by a 24-month defect liability period.

SCIB anticipates positive contributions to its future earnings as profits will be realized gradually during the contract's progress.

SCIB's shares settled at 32.5 sen today, marking a 2.98% decrease, resulting in a market capitalisation of RM208.08 million.