SCIB Enforces Rights to Withdraw from Project

ENGLISH
|
JAPANESE
|
CONNECT WITH US:

Jan 27, 2023 14:00 JST

Source: Sarawak Consolidated Industries Bhd

SCIB Enforces Rights to Withdraw from Project

Company to be reimbursed commitment fee paid out for the project following mutual agreement

KUCHING, MALAYSIA, Jan 27, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company has issued a letter of withdrawal to Kencana Healthcare Sdn. Bhd. (KHSB) for the proposed engineering, procurement, construction and commissioning (EPCC) contracts involving a specialist hospital project located in Johor Bahru.

Group MD and CEO of SCIB, Encik Rosland bin Othman

SCIB had accepted a letter of award from KHSB dated 13 August 2021 for EPCC contracts involving the capital equipment procurement as well as the leasing concession for the procurement, supply, installation, testing and commissioning of medical equipment. SCIB and KHSB have mutually agreed to the Company withdrawing from the project.

As part of the withdrawal from the project, KHSB will reimburse under a settlement agreement, the commitment fee amounting to RM1.65 million that SCIB had paid out in two tranches. The withdrawal from the contracts will not have any material effect on the gearing, earnings per share and net assets of the Company for the financial year ending 30 June 2023.

Group Managing Director of SCIB, Encik Rosland bin Othman said, "The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB's interests in mitigating the risks arising from the long delay or non-movement of project progress due to the uncertainties and inability to secure the necessary operator for the project. Additionally, this decision was made due to reviewing and updating our order book records to reflect the current situation."

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Source: Sarawak Consolidated Industries Bhd
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz

Copyright ©2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Latest Release

Furuya Metal Co., Ltd.

Furuya Metal and Asahi Kasei Embark on Demonstration Trial Regarding Recycling of Metals for Chlor-alkali Electrolysis Cells and Electrodes
Apr 23, 2025 11:00 JST

Olympus

A Decade of Olympus India's Commitment to Community Welfare
Apr 22, 2025 13:00 JST

Fujitsu and RIKEN develop world-leading 256-qubit superconducting quantum computer
Apr 22, 2025 11:37 JST

Fujitsu Kozuchi AI technologies assist AKOS AI in delivering solutions for EU AI compliance
Apr 18, 2025 17:41 JST

Eisai

Leqembi (lecanemab) is the First Medicine that Slows Progression of Early Alzheimer's Disease to be Authorized in the European Union
Apr 18, 2025 16:52 JST

Hitachi, Ltd.

Hitachi Industrial Equipment Systems Launches Next-Generation Inverter System to Support Stable, Resilient Power Grids
Apr 18, 2025 16:46 JST

Mitsubishi Heavy Industries, Ltd.

MHIEC Receives Order from the Bureau of Sewerage of the Tokyo Metropolitan Government for Rebuilding of Sewage Sludge Incineration Facility
Apr 17, 2025 14:44 JST

Fujitsu collaboration with Supermicro and Nidec to reduce data center energy consumption
Apr 17, 2025 10:32 JST

Fujitsu's Japanese language enhanced LLM Takane offering now available on Nutanix Enterprise AI solution
Apr 16, 2025 11:24 JST

Isuzu and Fujitsu sign partnership agreement to commercialize software defined vehicles
Apr 15, 2025 12:29 JST

Mitsubishi Heavy Industries, Ltd.

MHI Awarded a Study on CO2 Capture Modules for FPSOs
Apr 15, 2025 10:46 JST

Mitsubishi Motors

Mitsubishi Motors Begins Shipping Xforce HEV Model in Thailand
Apr 11, 2025 15:03 JST

Toyota Motor Corporation

Collaboration to Make Engine-Equipped Vehicles Carbon Neutral Using Synthetic Fuel
Apr 11, 2025 14:03 JST

Toyota Motor Corporation

TGR to Launch Evolved GR Yaris
Apr 11, 2025 13:35 JST

Fujitsu develops employee training platform for Seven-Eleven Japan to accelerate store digitalization
Apr 11, 2025 11:29 JST

Mitsubishi Corporation

Mitsubishi Corporation makes DennoKotsu an equity-method affiliate company, strengthening efforts to address regional transportation challenges
Apr 11, 2025 10:39 JST

JCB

JCB Enhances Customer Experience with Expanded Payment Acceptance for App Store and Apple Services in Asia
Apr 11, 2025 10:00 JST

Fujitsu and Headwaters trial on-device generative AI solution to streamline JAL cabin crew workflows
Apr 11, 2025 09:07 JST

Mitsubishi Heavy Industries, Ltd.

Mitsubishi Logisnext Delivers Container Terminal Gate System with Enhanced Functionality to Port of Osaka
Apr 10, 2025 16:23 JST

Mitsubishi Heavy Industries, Ltd.

Mitsubishi Shipbuilding Acquired Approval in Principle (AiP) from Classification Society for the Basic Design of an Onboard Carbon Capture and Storage System
Apr 10, 2025 14:17 JST

More Latest Release >>