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.
