News about SCIB

The clarification came after the group announced via a bourse filing on Tuesday that it had filed a notice of discontinuance for the suit, which has been consolidated under a main suit.

Additionally, SCIB is seeking a court order to compel Awana to discharge SCIB as the corporate guarantor for the loan facility within 30 days from the date of judgment.

On Jan 24, Awana argued that repayments should be based on project progress and revenue generated from property sales, contingent upon the profit and loss report for the project.

On Jan 13, SCIB announced that the RM162 million contract awarded to its wholly owned unit, SCIB Properties Sdn Bhd (SCIBP), from Awana JV Suria Saga Sdn Bhd in July 2024 as part of a debt settlement collapsed after Awana failed to fulfil a key condition precedent within the stipulated time frame.

Following the lapse of the SA, SCIB said Awana must acknowledge a total indebtedness of RM19.

Among the resolutions to be tabled is the re-election of its six directors: Ku Chong Hong, Dang Nguk Ling, Datuk Seri Zaini Jass, Datuk Tan Bok Koon, Yak Boon Tiong, and Chiew Jong Wei.

In a bourse filing, the group said its wholly-owned unit SCIB Properties Sdn Bhd has entered into an agreement with a real properties investment company Ginteck Sdn Bhd to acquire the land for RM9.

It said both parties have mutually agreed to terminate the contract, resulting in an unconditional release and indefinite discharge of all claims, liens, and obligations related to the project works.

The five plots of land are located some 15km from Kuching City Centre.

At the time of writing, YNH Property, the property developer linked to prominent investor Datuk Dr Yu Kuan Chon, witnessed an all-time high trading volume of 218.