KUALA LUMPUR: Sarawak Consolidated Industries Bhd's (SCIB) unit SCIB Properties Sdn Bhd has signed a settlement cum appointment of contractor agreement with Awana JV Suria Saga Sdn Bhd to strengthen its position in the construction sector.
The company said in a statement that the new agreement resolved previous contractual and financial disagreements and positioned SCIB Properties as the main contractor for the proposed Perumahan Projek Penjawat Awam (PPAM Muallim) project.
"This settlement and new appointment mark a significant milestone for SCIB. Not only does it solidify our financial receivables, but it also reinstates our subsidiary's role in a major project that promises substantial contributions to our portfolio.
"We are optimistic about this renewed partnership with Awana and confident in our ability to execute the PPAM Muallim project to the utmost quality," SCIB managing director Ku Chong Hong said.
The project highlighted SCIB Properties' expertise and commitment to delivering high-quality housing solutions for public servants.
Under the terms of the new agreement, Awani has acknowledged total indebtedness to SCIB Properties.
