KUCHING: Asteel Group Bhd’s wholly-owned subsidiary, Asteel (Sarawak) Sdn Bhd (ASWK), has won in its legal proceedings against Dynaciate Engineering Sdn Bhd for outstanding payment claims.
ASWK had on June 16, 2025 initiated adjudication proceedings under the Construction Industry Payment and Adjudication Act 2012 against Dynaciate, claiming for outstanding progressive payments and overdue interest amounting to about RM7.72 million.
Under a subcontract agreement dated March 14, 2022, Dynaciate had engaged ASWK for work for the Sarawak methanol project at Tanjung Kidurong, Bintulu. The sub-contract work include steel structure erection work, equipment erection work, AG piping erection work and roofing & cladding installation work.
The adjudicator had ruled in favour of ASWK and awarded the company the followings:
(a) Dynaciate to pay ASWK about RM1.793 million;
(b) Dynaciate to pay ASWK simple interest on the sum of about RM1.68 million at the rate of five per cent per annum from October 4, 2025 until full payment, and
(c) Dynaciate to pay ASWK about RM81,162 as costs of the adjudication proceedings, Asteel said in a filing with Bursa Malaysia.
In a separate development, Sarawak Consolidated Industry Bhd’s (SCIB) chief operating officer (COO) Chai Tze Khang had disposed of 600,000 shares at 21sen each on October 3, 2025. On that day, SCIB share price surged to intra-day high of 24.5sen from 16.5sen the previous day on announcement that the company had received an indicative letter of offer from YTL Cement (Sarawak) Sdn Bhd to acquire SCIB Concrete Manufacturing Sdn Bhd for RM113 million.
SCIB Concrete Manufacturing, which is a wholly-owned subsidiary of SCIB, is engaged in the production and sales of concrete products, like precast pipes and spun piles, and trading of construction materials.
SCIB’s board of directors had accepted the indicative offer subject to several conditions, including the successful negotiation and execution of a definitive share sale and purchase agreement.
SCIB had said it would appoint professional advisers in due time to provide the necessary legal, financial and strategic advice on the proposed deal.
SCIB, which is also involved in the manufacturing and sales of industrialised building system (IBS) components, is in the process of implementing a proposed rights issue with warrants after obtaining approval from Bursa Securities on the fund raising exercise last month.
The corporate exercise involves the issuance of 763.62 million new ordinary shares with the same amount of detachable warrants on the basis of one rights share with one Warrant C for every existing share held by the entitled shareholders on an entitlement date to be announced later.
Based on an indicative issue price of RM0.07 per rights share, SCIB has the potential to raise up to RM53.54 million, with the bulk of the proceeds to be used to partially fund the construction of the group’s new manufacturing plant at Demak Laut Industrial Park here.
