Ibraco bags RM169m turnkey contract for house construction job in Sarawak

KUALA LUMPUR (July 10): Ibraco Bhd has secured a turnkey engineering, construction and commissioning contract worth about RM169 million for houses under the Rumah Pertiwi Scheme in Kuching, Sarawak.

In a bourse filing yesterday, Ibraco said its subsidiary company Ibraco Construction Sdn Bhd received and accepted the letter of award from Bumia Sdn Bhd yesterday for the job.

“The project shall be carried out in four phases over an indicative construction period of five years from the approval of the development plans, tentatively end of third quarter 2021,” said the Sarawak-based property developer.

The project will be funded with internal funds and external borrowings, it said.

Ibraco shares fell five sen or 8.47% to close at 54 sen yesterday, giving the group a market capitalisation of RM265.83 million.

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