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Ibraco unit sets up JVCo for ready-mix concrete biz

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Property developer Ibraco Bhd’s unit Ibraco Construction Sdn Bhd has set up a joint venture company with supplier of asphalt concrete and ready-mixed concrete Kamunting Premix Plant Sdn Bhd.

In a bourse filing on Friday (Dec 16), Ibraco said Ibraco KPP Concrete Sdn Bhd has an initial paid-up capital of RM100,000 represented by 100,000 ordinary shares.

In the JV, Ibraco Construction will hold a 70% stake while Kamunting Premix will hold the rest.

The intended principal activity of Ibraco KPP Concrete is to operate and sell ready-mix concrete.

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