Ibraco is forming a joint venture company with China Railway Engineering Corporation and Nanyang Tunnel Engineering with regards to the project handed to them by Sarawak Metro Sdn Bhd for the construction and completion of Infrastructure Works for Blue Line-Package 1 From Rembus to Stutong For Kuching Urban Transportation System Project.
The parties agreed that the initial issued and paid-up capital of the JVCO shall be RM2,000,000 via issuance of 2,000,000 ordinary shares at an issue price of RM1.00 each in proportion to their shareholding structure. Thereafter, the share capital of the JVCO may be increased upon such terms and at such time as the board shall decide and shall be borne
by the parties based on the shareholding proportion accordingly.
