KUCHING: Sarawak Consolidated Indusdtries Bhd (SCIB) has announced making a second offer of share option plan (SOP) options under the company’s long term incentives plan (LTIP) totalling more than 64.37 million options.
The number of options offered include to director Chiew Jong Wei on August 28, 2025 which was about 19.76 million options.
The exercise price of the options offered is RM0.1268 per share (up to 10% discount from the 5-day weighted average market price (VWAP) of SCIB from August 21 to 27, 2025 of RM0.1408 per share).
The SOP options were immediately vested from the date of offer.
Prior to implementing the second SOP, SCIB cancelled the existing SOP options which were offered, granted and vested on October 14, 2024 and valid for five years.
The first SOP offer of about 88.11 million options were to eligible directors and employees of the company and its subsidiaries, granting them the rights to subscribe for new ordinary shares in SCIB at an exercise price of RM0.2205 per share. These SOP options were to be exercisable within one year, ending October 13, 2025.
Subsequently, about 45.51 million options were exercised, raising a total of RM8.93 million for the company. But 42,000 options were withdrawn.
Options that remain under the first SOP offer include 47.56 million options granted and vested but not exercised which are due to expire on October 13, 2025, and an additional 16.82 million options that remain available for future issuance under the current maximum allowable SOP allocation.
“The company, at its sole discretion, and without requiring the approval from the shareholders, has resolved to cancel the first SOP offer. This includes all unexercised SOP options, effective August 28, 2025.
“The company’s share price has significantly decreased from the exercise price of RM0.2205 per share since the first SOP offer was made. At a result, the remaining unexercised SOP options are no longer attractive to the LTIP participants, which undermine the intended purpose of motivating and rewarding eligible LTIP participants under the LTIP scheme.
“In view of this, the company has decided to cancel the existing unexercised SOP options under the first SOP offer and will proceed with the issuance of the new SAOP options to eligible employees and directors under the LTIP, with updated terms that better reflect current market conditions and align with the company’s strategic goals,” SCIB said in a filing with Bursa Malaysia.
The new maximum allowable number of SCIB shares to be issued under the LTIP is about 64.37 million options,
representing 15 per cent of the company’s total issued shares (699.3 million shares), less the 40.51 million options already exercised under the first SOP offer.
According to SCIB, the proceeds of RM8.93 million from the exercised of 45.51 million options had been fully utilised for working capital requirements.
