KUALA LUMPUR, Sarawak Consolidated Industries Bhd has lodged an appeal against the High Court’s decision to dismiss its RM14 million refund claim against Dynamic Prestige Consultancy Sdn Bhd, which stemmed from payments related to proposed engineering, procurement, construction and commissioning (EPCC) ventures.
In a filing with Bursa Malaysia, the civil engineering and precast concrete specialist said the High Court on Oct 10 ruled in favour of Dynamic Prestige, dismissing SCIB’s suit with costs of RM35,000. The court found that the documentation presented was insufficient to substantiate SCIB’s claim at this stage.
“After reviewing the sealed judgment received from the High Court on Oct 27, 2025, and upon advice from our solicitors, SCIB has filed an appeal to the Court of Appeal on the same date,” the company said.
SCIB reaffirmed its confidence in the merits of its claim, asserting that it is entitled to recover the outstanding RM14 million from Dynamic Prestige.
The dispute traces back to payments made by SCIB between October and November 2022, purportedly for potential EPCC business collaborations. Dynamic Prestige had agreed to issue redeemable convertible preference shares (RCPS) to SCIB and, under a March 7, 2023 agreement, to refund the funds should either party decide not to proceed.
SCIB later opted to terminate the arrangement but alleged that Dynamic Prestige failed to return the money, prompting the company to initiate legal action in 2023.
At Tuesday’s market close, SCIB’s shares were unchanged at 25 sen, valuing the company at RM174.81 million.
