The Company refers to the announcement dated 15 July 2021 on the JV Agreement between RC Asia Engineering Sdn Bhd and Scomi Group Bhd. The company announced that the JV Agreement lapsed on 15 July 2022 arising from delays in commencement of the tenders of potential projects. This resulted in no material progress on initiatives originally planned to be pursued by both SGB and RCA.

Both SGB and RCA remain in discussion on pursuing other forms of collaboration that leverages on the strength of both parties.