SCIB's US$133.42 million debt obligations to the subcontractors are to be taken up by the projects' respective clients, and are to be fulfilled by utilising the US$146.74 million debts the clients owe SCIB and its unit SCIB International (Labuan) Ltd (SCIBL), the group said in a Bursa Malaysia filing. SCIB said it has inked novation agreements with Pavilion Qatar Engineering Co WLL, Revenue International LLC, Interceptor Trading & Contracting WLL and Skyview Trading & Contracting WLL in the two countries to modify their prior settlement agreements to facilitate the debt resolution. "The final claims stated in the settlement agreements are consistent with the provisions that were taken up in the accounts. The contracts included jobs which pertained to the construction of villas, buildings and service centres, and civil works for a fire water project in Qatar and Oman. Shares in SCIB finished unchanged at 14.5 sen on Tuesday (Sept 20), giving the group a market capitalisation of RM87.41 million.
