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Tuesday, 18 July 2017

(The Star) Ibraco subsidiary awarded RM303mil airport project

KUALA LUMPUR: Ibraco Bhd’s subsidiary, Ibraco Construction Sdn Bhd, has received a letter of acceptance (LOA) from the Public Works Department, Kuching to construct and complete a new airport in Mukah, Sarawak for RM302.63mil.

In a filing to Bursa Malaysia yesterday, the company said the project would commence upon site possession and be completed within 36 months from the date of commencement.

“The risks associated with the project are normal operational risks which shall be mitigated through internal controls and good governance in operating procedures.

“The project, to be funded via internally generated funds and external borrowing, is expected to contribute positively to the earnings and net assets of Ibraco for the duration of the project.

“It will not have any effect on the share capital and substantial shareholders’ shareholdings of the Ibraco Group,” it added. — Bernama