After terminating six EPCC contracts abroad, SCIB secures RM64m job in KL

KUALA LUMPUR (Nov 12): Sarawak Consolidated Industries Bhd (SCIB) has secured an engineering, procurement, construction, and commissioning (EPCC) contract worth RM63.91 million in Kuala Lumpur.

The group said this in a bourse filing on Thursday (Nov 11), a day after it announced that it has terminated six EPCC contracts in Qatar and Oman to mitigate risks arising from long-overdue debts owed by its clients.

The new job involves the construction of one block of 35-storey service apartment in Petaling sub-district, the civil engineering outfit said.

It said the contract, awarded to its subsidiary SCIB Industrialised Building System Sdn Bhd by Twinwood Development Sdn Bhd, is valid from Dec 5, 2021 to Aug 4, 2023.

“The contract secured will not have any effect on the issued share capital and the shareholdings of substantial shareholders of the company,” said SCIB, adding that it is also not expected to have any material effect on the group’s net assets for the financial year ending June 30, 2022 (FY22).

Trading in SCIB shares has been suspended since Tuesday (Nov 9), after the group missed its Oct 31 deadline to issue its annual report for FY21.

SCIB said the group’s operations will continue as usual, despite the trading suspension.

It added that it is working with its external auditor to expedite the finalisation of the audit of the financial statements and it is targeting for the annual report to be issued by December.

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