The Board of Directors of Ibraco Berhad announced that it has on 4 January 2024 via its wholly owned subsidiary, Ibraco Construction Sdn Bhd (?ICSB?) incorporated a joint venture company, IBRACO CREC JV Sdn Bhd (?ICJVSB?) with an initial paid-up capital of MYR 2,000,000.00 represented by 2,000,000 ordinary shares. ICJVSB is incorporated for the purpose of the Construction and Completion of Infrastructure Works for Blue Line-Package 1 from Rembus to Stutong for Kuching Urban Transportation System Project, partnering with China Railway Engineering Corporation (M) Sdn Bhd (?CRECM?) and Nanyang Tunnel Engineering Sdn Bhd (?NYTE?) via the shareholding structure as below: ICSB ? 51%, CRECM ?

39% and NYTE ? 10%.