Ideal Jacobs wins RM71m contract to build houses for civil servants in Sabah

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KUALA LUMPUR (Sept 18): Ideal Jacobs (M) Corp Bhd has won an RM71 million contract to build 301 single-storey link houses in Sabah  under the 1Malaysia Civil Servants Housing Programme (PP1AM).

In a filing with Bursa Malaysia today, Ideal Jacob said its wholly-owned unit Widad Builders Sdn Bhd accepted the letter of award from developer Pemajuan Ilham Enterprise Sdn Bhd to be the project’s main contractor.

Widad, which is involved in construction and integrated facilities management activities, will undertake the project in Kampung Melinsung, Beringgis, Papar, Kota Kinabalu for 24 months from the date of possession of the site.

The development would be based on a “design and built” concept in accordance to the architectural drawing provided by the developer.

Ideal Jacobs said the project would not have any impact on the group’s issued share capital and substantial shareholders’ shareholdings, and is expected to contribute positively to its earnings and net assets during the project’s duration.

The group’s share price closed up 1.5 sen or 4.62% at 34 sen for a market capitalisation of RM834.58 million.