Scomi Group told StarBiz the asset disposal is one of the avenues to reduce the debt position.
KUALA LUMPUR: Scomi Group Bhd's unit will receive from RM181mil from Prasarana Malaysia Bhd to undertake the remedial works to put five four-car monorails into service and to pay its lenders, staff and creditors.
This was part of a settlement agreement reached on Thursday between Scomi Transit Projects Sdn Bhd and Prasarana to resolve the disputes relating to the Kuala Lumpur monorail fleet expansion and the completion of the stations, electrical and mechanical sytems, contruction of a depot and delivery of 12 sets of new four-car trains.
Scomi said in a statement to Bursa Malaysia both parties had signed the settlement agreement to amicably determining the legal proceedings between the parties while concurrently moving forward with the completion of the project.
It also said that apart from the RM181mil payment, both parties would work out an agreement to complete and delivery seven four-car monorail trains within 30 days of the effective date.
Under the settlement agreement, both parties would “fully, finally and forever release each other in respect of all claims, obligations and liabilities arising from the contract in connection with the project.
“Nothing in the settlement agreement shall be deemed to be evidence of any liability, wrongdoing, or admission on the part of any party,” it said.
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