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Ireka Corp secures RM468 mil housing project in Terengganu

KUALA LUMPUR (Dec 8): Ireka Corporation Bhd has secured a RM468 million contract from the Terengganu government to undertake a privatised housing development project in Kemaman.

The construction and property group said the project entails the development of 100 affordable houses and six single-storey shop lots on 11.55 acres of government land.

“The project will contribute RM34.72 million in development funding to the Terengganu government,” the group said in a filing with Bursa Malaysia.

Ireka said the project is expected to contribute positively to its net assets and earnings for the financial year ending March 30, 2022 until the completion of the development.

According to the group’s website, Ireka Corporation is involved in construction, property development, trading and services, property investment and investment holding.

Shares in Ireka settled two sen or 3.08% higher at 67 sen, giving it a market capitalization of RM153 million.

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