Tuesday, 18 July 2017

(The Edge Financial Daily) Ibraco bags RM302.64m airport contract in Mukah, Sarawak


KUALA LUMPUR: Ibraco Bhd has bagged a RM302.64 million contract for the construction of a new airport in Mukah, Sarawak.

The contract relates to final formation, airfield pavement, access road, landside infrastructures and building works.

In a filling with Bursa Malaysia yesterday, Ibraco said its wholly-owned subsidiary Ibraco Construction Sdn Bhd received the letter of acceptance from the Sarawak Public Works Department.

In a separate statement, Ibraco managing director Datuk Chew Chiaw Han said the group will commence work for the project upon site possession, scheduled for mid-August, and that the job is expected to be completed within 36 months.

“We expect that this project will contribute positively to the earnings and net assets of Ibraco
for the duration of the project,” he added.

Going forward, Ibraco said it will be launching Northbank in Kuching, a 123-acre (50ha) integrated development comprising commercial and residential units with an expected gross development value of RM1.5 billion.

Shares in Ibraco rose 12 sen or 15.79% to close at 88 sen yesterday with a market capitalisation of RM397.13 million.