Scomi Transit Projects Sendirian Berhad (STP), a subsidiary of the Scomi Group, has entered into a RM 122 million agreement with Prasarana Malaysia Berhad (PMB) involving the design, manufacture, completion and delivery of seven four-car vehicles and its systems for the Kuala Lumpur Monorail Project. The completion agreement is conditional upon the issue of an acceptance certificate by PMB after the expiry of a monitoring period following the completion of remedial works. The works are to be completed within 18 months from the issue of a notice to proceed by PMB. STP will also provide PMB with a design guarantee bond and endemic defects bond in the form of on-demand bank guarantees. The cost of components, services and materials procured by STP will be paid directly to the vendors by PMB.
