KUCHING: Property developer Ibraco Bhd
is expanding its quarry operation after securing a licence for a new quarry land in Serian, Sarawak.
Wholly-owned subsidiary Sekitar Gemilang Sdn Bhd (SGSB) has formed a joint venture with Kebajikan Anak-Anak Yatim Sarawak Charitable Trust (Peryatim) to operate the new quarry measuring about 100ha at Gunung Sinmajau, Serian-Tebedu.
Ibraco is transferring 30% shareholdings in SGSB for free as a gift to Peryatim to fulfil part of the condition precedent in the approval of the quarry licence by the authorities.
This reduces Ibraco stake in SGSB to 70%, with Peryatim holds the remaining 30% equity interest.
It is managed and operated by a board of trustees appointed by Sarawak Chief Minister.SGSB is expected to invest RM25.4mil to set up a new quarry plant, according to Ibraco, which is also involved in major construction projects, in a recent filing with Bursa Malaysia.
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