Scomi Group told StarBiz the asset disposal is one of the avenues to reduce the debt position.
KUALA LUMPUR: Scomi Group Bhd's subsidiary has inked a RM122mil contract with Prasarana Malaysia Bhd (PMB) to design and manufacture seven trains for the Kuala Lumpur Monorail.
It said on Monday the contract, which is a completion agreement, comprised seven four-car revenue service vehicles and its systems.
Scomi said the completion agreement would depend on the issuance of an acceptance certificate by PMB after the expiry of a monitoring period.
It said Scomi Transit Projects Sdn Bhd (STP) would provide PMB with a design guarantee bond and endemic defects bond.
To recap, in early April this year STP and PMB had ended their dispute relating to the Kuala Lumpur Monorail fleet expansion project contract back in June 3, 2011. This saw STP and PMB signing a new contract for RM303mil.
This project was for the completion of the upgrade of the Kuala Lumpur monorail stations and the electrical and mechanical system, the construction of a new depot, and delivery of 12 sets of new four-car trains.
Click here for earlier report: Scomi and Prasarana end monorail job dispute
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