Abang Johari: Sarawak govt to allow advance payment for construction companies affected by price hikes of building materials

KUCHING, Feb 8 — Sarawak Premier Tan Sri Abang Johari Openg today said that the state government will give advance payment for work contracts to help companies under a new initiative to safeguard the interest of the construction industry. He said the advance payment is to help them, including those categorised as RM2 companies, to strengthen their financial positions.

He said the state government will also impose a lower rate of liquidated and ascertained damages and lower minimum payments as well as other measures to alleviate projects affected by the price hikes of building materials. He said it is to provide the necessary leverage to support sustainable wealth and value creation due to the huge impact the industry has on the nation’s economy with approximately 1.5 million people being employed under the sector with an expected annual growth of 5 per cent in the next three years.

Source: News Formal (newsformal.com)

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