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, 16 January 2025 and 24 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 has issued a reply letter dated 27 January 2025 to AWANA in response to the letter received from AWANA dated 23 January 2025.

SCIBP has denied the allegations regarding the repayment obligations from AWANA that is not governed by the terms of the Settlement Agreement dated 6 July 2023 ("SA 2023"), as the Settlement cum Appointment of Contractor Agreement dated 15 April 2024 ("SA 2024") has lapsed and is no longer in effect.

Since AWANA has indicated that they will not adhere to the repayment obligations, SCIBP has determined that this constitutes a breach of the SA 2023. As a result, SCIBP is exercising its right to terminate the SA 2023 due to this breach. As of 27 January 2025, the total indebtedness of AWANA to SCIBP is RM 19,716,067.67, which consists of the outstanding debt as per the SA 2023 amounting to RM18,640,249.52, subsequent indebtedness as per mentioned in the SA 2024 amounting to RM 492,432.72 and an additional debt of RM 583,385.43.

SCIBP has formally demanded for AWANA to settle the total indebtedness of RM19,716,067.67 together with any interest due within 14 days. Failure to settle within this timeframe will result in SCIBP taking necessary legal action to recover the total debt, with AWANA being liable for all associated costs and expenses.

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

This announcement is dated 27 January 2025.

Please refer attachment below.