SCIB and Awana sign new agreement, securing exclusive contract for PPAM Mualim Project

SCIB group managing director Ku Chong Hong,

KUALA LUMPUR: Sarawak Consolidated Industries Bhd’s (SCIB) wholly-owned subsidiary, SCIB Properties Sdn Bhd (SCIBP) has entered into a comprehensive settlement cum appointment of contractor agreement with Awana JV Suria Saga Sdn Bhd.

The move aims to strengthen SCIB’s position within the construction sector.

The industrialised building systems specialist said the new agreement not only resolves previous contractual and financial disagreements but also positions SCIBP as the exclusive main contractor for the proposed civil servant project housing scheme (PPAM Muallim) project.

Under the terms of the new agreement, Awana has acknowledged total indebtedness to SCIBP.

"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,” managing director Ku Chong Hong said in a statement.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

SCIB , Awana JV Suria Saga , PPAM Muallim


Next In Business News

Oil gains 1% on hopes of firmer demand
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
Muhibbah rides on Cambodian tourism uptick
Feytech gears up for expansion to meet growing demand
Ready to rise up the ranks again
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
GDP up 4.2% in 1Q24
Chinese firms invest in ‘green’ jet fuel

Others Also Read