KUALA LUMPUR (July 31): Property developer Ibraco Bhd has secured a contract worth RM529.83 million to build the Sarawak Second Trunk Road.

In a bourse filing on Monday (July 31), Ibraco said its subsidiary, Ibraco Construction Sdn Bhd, has accepted the letter of acceptance from the Jabatan Kerja Raya Sarawak to complete the new Batang Samarahan bridge And 9km new four-lane dual carriageway road JKR R5 Standard from Batang Samarahan To Batang Sadong.

Ibraco said the contract period is 42 months, commencing from Aug 8, 2023 to Feb 7, 2027.

It said the project will be funded via internally generated funds and external borrowings, and is expected to contribute positively to its earnings for the duration of the project.

At midday break on Monday, Ibraco gained 1.77% or one sen to 57.5 sen, with 200 shares traded.