KUALA LUMPUR (Nov 2): Property developer Ibraco Bhd has secured a contract for construction works in Kuching, Sarawak, worth approximately RM375 million.

The company said in a filing today it has accepted the letter of award from Lestari Asiabina Sdn Bhd as turnkey contractor for the construction of various components, including road and drain reserve, condominium, apartment and shophouses, on Lot 6036 Block 26 Muara Tuang Land district.

The various construction works are expected to start from the third quarter of 2022 and be completed by the fourth quarter of 2026.

Ibraco said the project will be funded via internal funds and external borrowings.

Ibraco shares were not traded today. They last settled at 58 sen apiece, giving the company a market capitalisation of RM316.71 million.

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