Ibraco Bhd has obtained a RM169 million turnkey engineering, construction, and commissioning contract in Kuching, Sarawak, for homes 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 in a bourse filing.
The Sarawak-based property developer says, “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.”
In addition, internal resources and outside borrowings will be used to fund the project.
Ibraco's stock dropped five sen, or 8.47% to settle at 54 sen today, valuing the company at RM265.83 million.