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, 1 August 2024, 13 January 2025 and 16 January 2025 (collectively referred to as the “Announcements”) in relation to the settlement agreement entered between SCIB Properties Sdn. Bhd. (“SCIBP”), a wholly-owned subsidiary of SCIB and Awana JV Suria Saga Sdn. Bhd (“AWANA”). 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 the Company received a reply letter from AWANA on 23 January 2025 in response to remedy its breach of the lapse of the Settlement cum Appointment of Contractor Agreement and the Contract.

AWANA has disagreed with the repayment terms outlined in Schedule A of the Settlement Agreement dated 6 July 2023 (“the SA 2023”), particularly in relation to the balance of outstanding debt of RM 18,640,249.52 ("the Debt"), excluding the first installment payment of RM 75,000.00, which has been paid by AWANA to SCIBP. Pursuant to the SA 2023, AWANA has also denied that the sum of RM 5,350,000.00 is due for repayment to SCIB as of 30 December 2024. AWANA maintains that the repayment of the Debt to SCIBP shall be based on the work progress for the Project and the income generated from the sales, with repayment being contingent upon the profits reported under the profit and loss report for the Project. SCIBP is currently seeking legal advice on the next available recourse.

The Company will make the necessary announcement(s) if there is any further development on this matter.  

This announcement is dated 24 January 2025