Ibraco shares up 15.5 sen to RM1.08 after JVC

KUALA LUMPUR: Ibraco Bhd shares added 15.5 sen to RM1.08 with 3.78 million shares traded as at 10.31 am following the incorporation of a joint venture company via wholly-owned subsidiary, Ibraco Construction Sdn Bhd (ICSB).

The purpose of the joint venture company Ibraco CREC JV Sdn Bhd is for the construction and completion of infrastructure works for a Kuching Urban Transportation System project.
The work involves Blue Line’s package one between Rembus and Stutong.

ICSB is partnering China Railway Engineering Corporation (M) Sdn Bhd (CRECM) and Nanyang Tunnel Engineering Sdn Bhd (NYTE) in the project.

The joint venture company has an initial paid-up capital of RM2 million, with ICSB holding a 51 per cent stake, CRECM 39 per cent, and NYTE 10 per cent. — BERNAMA