By FAYYADH JAAFAR
SARAWAK Consolidated Industries Bhd’s (SCIB) subsidiary, SCIB Industrialised Building System Sdn Bhd, secured a construction contract worth RM63.9 million from Twinwood Development Sdn Bhd for engineering, procurement, construction and commissioning (EPCC) work in Kuala Lumpur (KL).
The EPCC contract is for the proposed construction of one block of 35-storey service apartment comprising 332 units with eight levels of podium parking space, one level of facilities, 26 floors of service apartments and one storey of basement partial parking space, the company stated in a statement yesterday.
The project is expected to have a duration of 20 months beginning Dec 5, 2021, which includes the time for the mobilisation of the project.
“The project that we have secured gave us the momentum we needed to continue our expansion into Peninsular Malaysia.
“This shows that despite the set-back we had in terminating the contracts for our Middle East pro- jects, we managed to stay resilient and secure opportunities in the country,” said SCIB group MD and CEO Rosland Othman.
He added that SCIB is now focused on leveraging its strength as the largest precast concrete and Industrialised Building System (IBS) manufacturer in East Malaysia to develop opportunities not only in East Malaysia but also in Peninsular Malaysia.
“Furthermore, by adopting 3D technology in our construction projects, this will give us the necessary competitive edge in the construction industry.
“Leveraging on our IBS offerings and the adoption of 3D technology, our projects will become more efficient than ever before and can be completed within a shorter time frame without sacrificing the quality of the building material,” added Rosland.
Commenting on the group’s recent stock trading suspension by Bursa Malaysia Securities Bhd, Rosland said SCIB’s operations will continue as usual.
“We want to further reassure all of our stakeholders, business partners, vendors and employees that we are working with our external auditor to expedite the finalisation of the audit of the financial statements, and we are targeting the annual report to be issued by December this year” Rosland added.
In a separate filing, SCIB noted that the exchange has rejected its appeal to submit its 2020 financial year report by the end of the year.
On Wednesday, SCIB mutually agreed with clients and subcontractors to terminate contracts of six projects located in Oman and Qatar to alleviate risks from long-overdue debts owed by SCIB clients.
The civil engineering specialist has signed settlement agreements with Pavilion Qatar Engineering Co WLL, Revenue International LLC, Interceptor Trading & Contracting WLL and Skyview Trading & Contracting WLL in the two countries to mutually terminate the contracts previously awarded to SCIB and its wholly-owned subsidiary company SCIB International (Labuan) Ltd between Oct 25, 2019, and Dec 3, 2020.
The decision was made as a result of repositioning of business strategy in overseas projects, said SCIB.
The total amount owed by the clients stood at US$148.71 million (RM617.15 million), while the total amount owed to the subcontractors stood at US$135.15 million, said SCIB.
Trading of the shares in SCIB has been suspended since Tuesday after the group failed to submit its annual report.