We refer to the Company’s earlier announcements dated 15 March 2021, 22 September 2021, 6 July 2023, 7 July 2023, 15 April 2024, 25 July 2024, 30 July 2024 and 1 August 2024 (collectively referred to as the “Announcements”), wherein, SCIB’s wholly-owned subsidiary, SCIB Properties Sdn. Bhd. ("Main Contractor" or "SCIBP") was awarded a contract for the Proposed Development of Malaysia civil servants housing program or the Program Perumahan Penjawat Awam (“PPAM”) project (“the said Project”), following a Settlement cum Appointment of Contractor Agreement dated 15 April 2024 (“the SA”) entered between SCIBP and AWANA JV SURIA SAGA SDN. BHD. [Registration No.: 201601020432 (1191370-X)] ("Proprietor" or "Developer" or "AWANA" or “the Client”) to appoint SCIBP as the exclusive Main Contractor for the said Project and to allow AWANA an opportunity to repay the outstanding owing to SCIBP. The revised contract value for the said Project as per the Letter of Award dated 25 July 2024 (“the Contract”) was RM162,000,000.00 (Ringgit Malaysia One Hundred Sixty-Two Million).

Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcements.

The Board of Directors of SCIB wishes to announce that AWANA did not fulfil the required condition precedent within the stipulated time under the SA and the Contract.  Consequently, SCIBP had, among others, notified AWANA of the lapse of both SA and the Contract via a letter dated 3 January 2025 (“the Notice”) which are now of no effect due to the non-compliance and request for a proposal from AWANA how they intend to settle the indebtedness due and owing to SCIBP by 10 January 2025.  On 6 January 2025, AWANA conceded that the SA and the Contract are no longer enforceable but they did not address the issues raised in the Notice. As of 10 January 2025, SCIBP had not received any further responses from AWANA.

Please refer to the attachment for further details.

This announcement is dated 13 January 2025.