PETALING JAYA: Sarawak Consolidated Industries Bhd
’s (SCIB) wholly-owned subsidiary, SCIB Properties Sdn Bhd, has issued a demand for RM19.7mil in repayment from Awana JV Suria Saga Sdn Bhd.
This followed Awana’s failure to fulfil repayment obligations under a settlement agreement (SA).
In a filing with Bursa Malaysia, the industrialised building systems specialist said the development highlighted SCIB’s commitment to upholding agreements and recovering the outstanding amount in the best interest of the company and its stakeholders.
The counterparty, having failed to meet its repayment obligations under the SA, is deemed to owe SCIB which include RM18.6mil under SA 2023, RM490,000 under SA 2024 and RM580,000 as an additional debt assigned from SCIB Industrialised Building System Sdn Bhd.
SCIB said despite repeated reminders and opportunities for compliance, the counterparty had not fulfilled its financial obligations.
SCIB has exercised its contractual rights to terminate the agreement. It has issued a formal demand for the settlement of the total outstanding sum within 14 days.
