Company pushes through with deal to rationalise land bank

KUCHING: Property developer Ibraco Bhd is selling two pieces of vacant land for nearly RM3.63mil in cash in a related party transaction.

Wholly-owned subisidiaries Syarikat Ibraco-Peremba Sdn Bhd and Greater Tabuan Sdn Bhd had entered into separate sale and purchase agreements with Ibraco HGS Sdn Bhd for the diposal of 4,775 sq m and 9,535 sq m of land in Muara Tebas land district here for RM955,000 and RM2.67mil respectively.