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KUALA LUMPUR, Malaysia (July 9): Ibraco Bhd has won a RM169 million complete engineering, construction, and commissioning contract in Kuching, Sarawak, for dwellings under the Rumah Pertiwi Scheme.
Ibraco said its subsidiary business Ibraco Construction Sdn Bhd received and accepted the letter of award from Bumia Sdn Bhd for the job yesterday in a bourse filing.
“The project will be completed in four phases over a five-year construction period, beginning with the approval of the development plans and ending in the third quarter of 2021,” the Sarawak-based property developer stated.
Internal cash and external borrowings would be used to support the project, according to the statement.
Ibraco’s stock dropped five sen, or 8.47 percent, to settle at 54 sen today, valuing the company at RM265.83 million.
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