SCIB Terminates Indonesian Project

By: Sarawak Consolidated Industries Bhd via ACN Newswire

February 14, 2023 at 04:00 AM EST

KUCHING, MALAYSIA, Feb 14, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company's wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.

Group MD and CEO of SCIB, Encik Rosland bin Othman

SCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB's order book records.

SCIBILL and PTCMS have mutually agreed to terminate the contract and unconditionally release and indefinitely discharge both parties from all claims, liens and obligations of every nature arising out of or in connection with the performance of the works and all amendments thereto, provided that the parties' obligations under a settlement agreement are fulfilled.

Group Managing Director of SCIB, Encik Rosland bin Othman said, "The termination is in the best interests of the Company as there has been no progress on the project. On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL."

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Source: Sarawak Consolidated Industries Bhd

Copyright 2023 ACN Newswire . All rights reserved.

Symbol	Price	Change (%)
AMZN	220.69	+3.55 (1.63%)
AAPL	271.49	+5.24 (1.97%)
AMD	203.78	-2.24 (-1.09%)
BAC	51.56	+0.56 (1.10%)
GOOG	299.65	+9.67 (3.33%)
META	594.25	+5.10 (0.87%)
MSFT	472.12	-6.31 (-1.32%)
NVDA	178.88	-1.76 (-0.97%)
ORCL	198.76	-11.93 (-5.66%)
TSLA	391.09	-4.14 (-1.05%)

Symbol

Price

Change (%)

AMZN

220.69

+3.55 (1.63%)

AAPL

271.49

+5.24 (1.97%)

AMD

203.78

-2.24 (-1.09%)

BAC

51.56

+0.56 (1.10%)

GOOG

299.65

+9.67 (3.33%)

SCIB Terminates Indonesian Project

More News

Recent Quotes