KUALA LUMPUR: Property developer Ibraco Bhd intends to undertake Sarawak's Kuching Urban Transportation System (KUTS) infrastructure.
It has teamed up with two China Railway Group Ltd units through its wholly-owned unit, Ibraco Construction Sdn Bhd (ICSB), to form Ibraco CREC JV Sdn Bhd (ICJVSB) to carry out the work.
The two Chinese companies are China Railway Engineering Corporation (M) Sdn Bhd (CRECM) and Nanyang Tunnel Engineering Sdn Bhd.
According to a filing made today by Ibraco, ICJVSB was established expressly to build and finish the infrastructure for Blue Line-Package 1 for the KUTS project, which runs from Rembus to Stutong.
ICJVSB has an initial paid-up capital of RM2 million, comprising two million shares, with ICSP holding a 51 per cent stake, CRECM with 39 per cent and Nanyang with 10 per cent.
On November 10, 2023, ICSB, CRECM, and Nanyang Tunnel Engineering won the package's RM568.81 million tender from KUTS project implementer Sarawak Metro Sdn Bhd (SMSB).
For Stage 1, the project is anticipated to be completed by Dec 31, 2025, and for Stage 1A, by June 30, 2026.
Ibraco said that the directors believe the aforementioned incorporation is in the best interests of the company, having taken into account all relevant factors.
It said that both internal resources and outside borrowing would be used to finance the project.
