Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs. Below are snippets of all the media releases that we received from Jan 23 till the end of the week. This column updates regularly throughout the week.
SCIB Enforces Rights to Withdraw from Project
Kuching, Jan 27: Civil engineering specialist Sarawak Consolidated Industries Berhad has announced that the Company has issued a letter of withdrawal to Kencana Healthcare Sdn. Bhd for the proposed engineering, procurement, construction and commissioning contracts involving a specialist hospital project located in Johor Bahru.
SCIB had accepted a letter of award from KHSB dated Aug 13, 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 June 30, 2023.
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