KUALA LUMPUR: Ireka Corporation Bhd's wholly-owned subsidiary, Shoraka Construction Sdn Bhd (SCSB), has won a RM1.07 billion highway construction sub-contract.
In a Bursa Malaysia filing yesterday, Ireka said the sub-contract was for the road upgrade from Kampung Lomour Baru to Kampung Toupus (Work Package 33) as part of Phase 1B of the Pan Borneo Highway (LPB) project in Sabah.
It said work will commence on Sept 30, 2024 and will be for 48 months.
"The acceptance of the contract is in the ordinary course of business of SCSB and will enhance the existing order book, and it is expected to provide a steady stream of revenue and income to the Ireka Group over the next four years," it said.
Ireka added that the project is expected to contribute positively to the net assets and earnings per share of Ireka Group for the financial year ending June 30, 2025, and until the project's completion.