PETALING JAYA: Sarawak-based property developer Ibraco Bhd has entered in a series of agreements to further education opportunities in the state.
According to a Bursa filing, Ibraco’s associate Ibraco HELP Education Sdn Bhd (IHE) and CMS Education Sdn Bhd (CMSE) agreed to enter into a build and lease agreement with Ibraco as well as a management agreement with HELP Education Services Sdn Bhd to establish, maintain and operate a private school at pre-school, primary, secondary and pre-university levels.
The venture involves a proposed four-storey school building with sports facilities and any other places mutually agreed on by IHE and CMSE, the filing said.
The project cost is estimated at RM50mil and will be funded by Ibraco’s internally generated funds and bank borrowings.
CMSE shall shift its current Tunku Putra School at Kasuma, to the proposed new school building when it is ready.
“This partnership aims to position Tunku Putra-HELP International School as a school which delivers world-class education with world-class facilities, at affordable fees to all who live and work in Sarawak,” said Ibraco.
The project is expected to be completed in September 2019 and is not expected to have any material effect on Ibraco for the financial year ending December 31, 2018.