Prasarana, Scomi ink settlement agreement

SCOMI Group Bhd’s indirect wholly owned subsidiary, Scomi Transit Projects Sdn Bhd, and Prasarana Malaysia Bhd have entered into a settlement agreement to resolve the dispute relating to the Kuala Lumpur (KL) Monorail fleet expansion project.

The dispute involved a contract agreement dated June 3, 2011, as supplemented by the first supplemental agreement dated April 16, 2014, the second supplemental agreement dated April 15, 2015 and the third supplemental agreement dated March 3, 2017, for the completion of the upgrade of the KL monorail stations and the electrical and mechanical system, the construction of a new depot, and delivery of 12 sets of new four-car trains.

Both parties are entering into the settlement agreement for the purpose of amicably determining the legal proceedings between them, while concurrently moving forward with the completion of the project, Scomi noted in an exchange filing yesterday. — TMR