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News In Brief

News In Brief

January 27, 2023
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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, Dec 8: Civil engineering specialist Sarawak Consolidated Industries Berhad ("SCIB" or the "Company") held the Company’s 46th AGM virtually today in which shareholders voted to reappoint NEXIA SSY PLT as the auditor and authorised the directors to fix its remuneration.  Shareholders also passed a resolution authorising the issuance and allotment of shares pursuant to Sections 75 and 76 of the Companies Act 2016 while waiving their pre-emptive rights.  The resolutions to re-elect Dato’ Dr. Ir. Ts. Mohd Abdul Karim bin Abdullah (“Dato’ Dr. Ir. Ts. Mohd Abdul Karim”) and Datu Haji Abdul Hadi bin Datuk Abdul Kadir (“Datu Haji Abdul Hadi”) to the board of directors were not tabled as they retired effective 8 December 2022. Other resolutions passed included the reappointments of eligible directors up for re-election. Among the measures the Company took is a kitchen-sinking exercise pertaining to the recent cancellation of four projects as well as the settlement agreement over six projects in Qatar and Oman. These measures were taken to safeguard the Company’s interests. In respect of the cancellation of the five projects, the decision was taken after reviewing and updating the Company’s order book records to reflect the current situation while, in respect of the projects in Qatar and Oman, there is no financial impact to the trade receivables.

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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