KUCHING: SCIB Properties Sdn Bhd (SCIBP) has filed a lawsuit against Awana JV Suria Saga Sdn Bhd to recover RM19.72 million in outstanding payments.
In a Bursa Malaysia filing, SCIBP, a subsidiary of Sarawak Consolidated Industries Bhd (SCIB), said it initiated legal action on March 7, 2025.
The claim includes RM18.64 million owed under the 2023 Settlement Agreement, RM1.075 million under a Deed of Assignment, interest of 5 per cent per annum on RM18.64 million from Dec 30, 2024, interest of 8 per cent per annum on RM1.075 million from the judgment date, full indemnity costs and other court reliefs.
The dispute stems from a July 6, 2023 settlement agreement, where Awana agreed to pay SCIBP RM18.72 million after mutually terminating a Perak civil servant housing project contract.
Separately, SCIBP also sued Awana at the Shah Alam High Court last month over unauthorised loan drawdowns.
SCIB alleged that MBSB Bank disbursed RM1.65 million to third parties without its approval, despite Awana’s binding resolution requiring SCIB signatory consent for drawdowns.
Meanwhile, SCIB has withdrawn its proposed private placement of 65.87 million shares, initially aimed at raising RM14.66 million for debt repayment.
The company said it will reassess its funding strategy.
In an unrelated development, Borneo Oil Bhd has set March 17, 2025, as the ex-date for its bonus issue of up to 3.52 billion free Warrants E, on a 1-for-4 basis, with an exercise price of RM0.001 per warrant.
The company owns Sarawak’s SugarBun fast food chain.
