PETALING JAYA: Scomi Group Bhd has secured a RM122 million contract for seven four-car revenue service vehicles and its system for the Kuala Lumpur Monorail. Scomi told Bursa Malaysia that Scomi Transit Projects Sdn Bhd (STP) and Prasarana Malaysia Bhd (PMB) had on June 21 entered into an agreement for the design, manufacture, completion and delivery of the vehicles and its systems. The works are to be completed within 18 months from the issuance of a notice to proceed by PMB. Scomi said the completion agreement is conditional upon the issuance of an acceptance certificate by PMB after the expiry of a monitoring period after the completion of the remedial works necessary to put 5 four-car monorail trains into revenue service pursuant to the settlement agreement, which is to be fulfilled by May 13, 2020. STP shall provide PMB with a design guarantee bond and endemic defects bond, in the form of on-demand bank guarantees each for 2.5% of the completion agreement sum to cover the period of five years commencing from the issue of the System Acceptance Certificate. PMB shall have the right to step in and perform the works under the completion agreement in the event of default by STP. At the noon break, Scomi’s share price gained 8.3% to 6.5 sen on 108,000 shares done.