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Status Update On The Settlement Agreement Entered Between SCIB Properties Sdn. Bhd., A Wholly-owned Subsidiary Of SCIB And Awana Ja Suria Saga Sdn. Bhd.

BackJan 16, 2025

 

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-15012025-00001
Subject STATUS UPDATE ON THE SETTLEMENT AGREEMENT ENTERED BETWEEN SCIB PROPERTIES SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF SCIB AND AWANA JA SURIA SAGA SDN. BHD.
Description SARAWAK CONSOLIDATED INDUSTRIES BERHAD ("SCIB" OR "THE COMPANY")
- STATUS UPDATE ON THE SETTLEMENT AGREEMENT ENTERED BETWEEN SCIB PROPERTIES SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF SCIB AND AWANA JV SURIA SAGA SDN. BHD.
Query Letter Contents

We refer to your Company's announcement dated 13 January 2025, in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1) The details of events leading to the lapse of the Contract and the Settlement cum Appointment of Contractor Agreement;

2) In view that the Contract and the Settlement cum Appointment of Contractor Agreement had lapsed, SCIB cannot be the Corporate Guarantor in favour of MBSB Bank Berhad for the loan facilities granted to AWANA in compliance with Paragraph 8.23(1) of the Main Market Listing Requirements. In this regard, to state the steps taken by SCIB to be discharged from being the Corporate Guarantor and the specific timeline for completion;

3) The total amount of indebtedness due and owing by AWANA to SCIBP including the financial assistance provided to AWANA as announced on 28 August 2024 and 27 November 2024;

4) The relevant termination and penalty clauses following the lapse of the Contract and the Settlement cum Appointment of Contractor Agreement;

5) The proposed actions to be taken by SCIB Group to recover the total amount of indebtedness due and owing by AWANA to SCIBP after the lapse of the Contract and the Settlement cum Appointment of Contractor Agreement;

6) The effects on the net assets and net profits of SCIB Group in the event that the total amount of indebtedness is fully impaired; and

7) Further justification that there is a strong possibility of recovering the total amount of indebtedness due and owing by AWANA to SCIBP.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,

 

Listing,

Regulation

 

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 13 January 2025 in relation to the status update on the settlement agreement entered between SCIB Properties Sdn. Bhd., a wholly-owned subsidiary of SCIB and Awana JV Suria Saga Sdn. Bhd. ("Announcement").

 

The Board of Directors of SCIB wishes to inform that the Company has received Bursa Malaysia Securities Berhad's request on 15 January 2025 for additional information in relation to the status update on the settlement agreement entered between SCIB Properties Sdn. Bhd. ("SCIBP"), a wholly-owned subsidiary of SCIB and Awana JV Suria Saga Sdn. Bhd. ("Awana"). 

 

Please refer to the attachment for the additional information.

 

This announcement is dated 16 January 2025.  

 

 

 

Please refer attachment below.

 


Announcement Info

Company Name SARAWAK CONSOLIDATED INDUSTRIES BERHAD
Stock Name SCIB
Date Announced 16 Jan 2025
Category General Announcement for PLC
Reference Number GA1-16012025-00042

Attachments

  1. SCIB_-_Reply_to_Bursa_Queries_16.01.2025_to_Bursa_20250116.pdf (Size: 169,102 bytes)