SCIB and Awana Signs New Agreement, Securing Exclusive Contract for PPAM Mualim Project

Settlement Agreement Enhances SCIB’s Financial Strength with Structured Repayment Plan

KUCHING, 15 APRIL 2024 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), is pleased to announce a significant advancement in the contractual relationship with Awana JV Suria Saga Sdn. Bhd. (“AWANA”). SCIB's wholly-owned subsidiary, SCIB Properties Sdn. Bhd. (“SCIBP”) has entered into a comprehensive Settlement cum Appointment of Contractor Agreement with AWANA. This move aims to strengthen SCIB’s position within the construction sector.

This new agreement not only resolves previous contractual and financial disagreements but also positions SCIBP as the exclusive Main Contractor for the Cadangan Skim Perumahan Projek Penjawat Awam (“PPAM Muallim”) project. This pivotal project underscores SCIBP’s expertise and commitment to delivering high-quality housing solutions for public servants. Under the terms of the new agreement, AWANA has acknowledged total indebtedness to SCIBP.

Mr. Ku Chong Hong, Managing Director of SCIB, commented on the agreement: "This settlement and new appointment mark a significant milestone for SCIB. Not only does it solidify our financial receivables, but it also reinstates our subsidiary’s role in a major project that promises substantial contributions to our portfolio. We are optimistic about this renewed partnership with AWANA and confident in our ability to execute the PPAM Muallim project to the utmost quality."

SCIB remains committed to upholding its high standards of governance and transparency, by its timely disclosures and adherence to regulatory requirements regarding financial assistance and project updates.