Reference is made to the Company’s announcement dated 15 March 2021 and 22 September 2021 in relation to Engineering, Procurement, Construction and Commissioning (“EPCC”) contract awarded to its wholly owned subsidiary company, SCIB PROPERTIES SDN. BHD. (Registration No.: 200101019135 (544892-V)) (“Main Contractor” or “SCIBP”).

Subsequently, the Company had on 6 July 2023 announced to BURSA MALAYSIA SECURITIES BERHAD (‘BURSA”) that SCIBP has signed the Settlement Agreement with AWANA JV SURIA SAGA SDN. BHD. [Registration No. : 201601020432 (1191370-X)] (“Proprietor” or “Developer” or “AWANA”) to mutually terminate the EPCC Contract and to confirm the obligation on the full and final settlement of debts and also to establish the term and payment schedule for the amount owing between the Party. The agreed payment schedule was further announced to BURSA on 7 July 2023.

Pursuant to the Settlement Agreement dated 6 July 2023, AWANA has expressly, irrevocably and unconditionally acknowledged, admitted, confirmed and agreed that it is indebted to SCIBP the sum of RM18,715,249.52 which was to be repaid over 24 installments, of which only the 1st installment payment amounting to RM75,000.00 was paid on 21 August 2023, leaving a balance of amount owing of RM18,640,249.52 (“Indebtedness”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in series of the announcements.

The Board of Directors of SARAWAK CONSOLIDATED INDUSTRIES BERHAD (“SCIB” or “Company”) wishes to announce that SCIBP, had on 15 April 2024 entered into a Settlement cum Appointment of Contractor Agreement (“Further Agreement”) with AWANA. 

The full details of the announcement are set out in the attachment below.

This announcement is dated 15 April 2024.