SARAWAK CONSOLIDATED COMMENCES LEGAL ACTION AGAINST DYNAMIC PRESTIGE CONSULTANCY

SCIB Asserts Legal Rights in Pursuit of Outstanding RM14 Million Refund

KUCHING, SARAWAK (27 JULY 2023) – Civil engineering specialist Sarawak Consolidated Industries Berhad ("SCIB" or the "Company") today announced that it has initiated legal proceedings against Dynamic Prestige Consultancy Sdn. Bhd from an unfulfilled refund of RM14,000,000.00.

The sum was an initial payment in anticipation of a strategic business partnership in the Engineering, Procurement, Construction and Commissioning (EPCC) sector. As part of the agreement, Dynamic Prestige Consultancy Sdn. Bhd. was to propose a Redeemable Convertible Preference Shares (RCPS) scheme in their company. SCIB, having decided not to proceed with the RCPS, has sought the agreed refund. However, to date, Dynamic Prestige Consultancy Sdn. Bhd. (“Dynamic Prestige”) has failed to honour this agreement.

In response to the ongoing litigation, Mr. Ku Chong Hong, Managing Director of SCIB, stated, "The initiation of this legal action is a necessary step to protect our company's interests and uphold our financial integrity. We have always operated with full adherence to our contractual obligations and expect the same level of commitment from our partners. We remain confident in our legal position and are committed to ensuring the best outcome for our shareholders and stakeholders."