KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) and its subsidiary SCIB International (Labuan) Ltd have entered into settlement agreements with clients and subcontractors for the mutual termination of contracts to mitigate risks arising from long-overdue debts and Covid-19 uncertainties.

       The civil engineering company said the decision was arrived at by the stakeholders after considering that the progress of the projects, undertaken in Qatar and Oman, was greatly affected by manpower issues caused by the pandemic.

       There were also prolonged pandemic, travelling and operational restrictions posing challenges to the project management as well as slow payment and long outstanding debts owed by the clients.