Ibraco to acquire land in Kuching

IBRACO Bhd, a property group, has signed a conditional deal to buy 2.63ha of land in Kuching, Sarawak, from Datuk Wee Song Ching for RM16 million in shares.

Wee, who now holds 4 per cent of Ibraco, will end up with 17.32 per cent of the group after completing the deal.

Ibraco plans to build a shopping mall on the land for RM28 million and construction will start in August this year and finish in July 2011.

It has a letter of intent from GCH (Malaysia) Sdn Bhd, operator of Giant Hypermarket, to become an anchor tenant for up to 30 years.

By Business Times