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Ibraco Bhd plans to partner with China Railway to build the Kuching Urban Transit System (KUTS) in Sarawak and set up Ibraco CREC JV Sdn Bhd (ICJVSB) to be responsible for the infrastructure of the project with an initial paid-up capital of RM2 million.
The partnership covers the construction of Blue Line-Package 1 from Rembus to Stutong with a total value of RM568.81 million. Phase 1 is scheduled to be completed by the end of 2025 and Phase 1A is expected to be completed by mid-2026.
Ibraco will use internal resources and external borrowing funds to support the project and believes that this collaboration is in the best interests of the company.
(Source: nst Image source: freepik)
