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Ibraco disposing of land for RM37m
by Cals Wed 18 Sep 2013, 02:10
Ibraco disposing of land for RM37m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 17 September 2013 18:32
KUALA LUMPUR (Sept 17): IBRACO BHD [] is disposing of approximately 18ha (44.19 acres) of of mixed-zone land in Kuching, Sarawak for RM36.91 million cash. Proceeds from the sale will partly finance the property developer's working capital needs.
In a statement to Bursa Malaysia, Ibraco said it has entered into sale and purchase agreements with Bankeast Sdn Bhd and Earth Delight Sdn Bhd for the proposed sale of 33.33 acres and 10.86 acres of tracts respectively.
“We are undertaking various development activities within the greater Tabuan area. Besides that, we are expanding outside of Kuching with an upcoming mixed development in Bintulu,” said Ibraco.
The firm expects the disposal to be completed within three months from the date of the agreements.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 17 September 2013 18:32
KUALA LUMPUR (Sept 17): IBRACO BHD [] is disposing of approximately 18ha (44.19 acres) of of mixed-zone land in Kuching, Sarawak for RM36.91 million cash. Proceeds from the sale will partly finance the property developer's working capital needs.
In a statement to Bursa Malaysia, Ibraco said it has entered into sale and purchase agreements with Bankeast Sdn Bhd and Earth Delight Sdn Bhd for the proposed sale of 33.33 acres and 10.86 acres of tracts respectively.
“We are undertaking various development activities within the greater Tabuan area. Besides that, we are expanding outside of Kuching with an upcoming mixed development in Bintulu,” said Ibraco.
The firm expects the disposal to be completed within three months from the date of the agreements.
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