SCIB and Landasan Kapital Mutual Termination of Universiti Malaysia Kelantan Student Residences Construction Contract
Sarawak Consolidated Industries Bhd (SCIB) announced the mutual termination of the engineering, procurement, construction, and commissioning (EPCC) contract for the construction of student residences at Universiti Malaysia Kelantan.
The decision, made in collaboration with its client, Landasan Kapital (M) Sdn Bhd, addresses potential project delays due to a tight timeline, safeguarding SCIB's interests.
SCIB said the termination, acknowledged today, is not expected to have a significant financial impact on SCIB for the fiscal year ending June 30, 2024, as the project had not commenced.
Previously, on January 16, 2024, SCIB said it secured the RM97.7 million EPCC contract for the project, which involves supplying materials, labour, tools, and equipment for comprehensive construction responsibilities.