Ireka Corporation Berhad, a Malaysian construction company, recently made headlines after winning a RM1.07 billion subcontract to upgrade a section of the Pan Borneo Highway in Sabah.
This caused its share price to jump by 77%, reaching its highest level in two years.
The subcontract, which involves upgrading the road between Kampung Lomou Baru and Kampung Toupus, will take four years.
This project strengthens Ireka's reputation in the construction industry and is expected to contribute positively to the company's income for the financial year ending 30 June 2025.
Despite previous financial losses, Ireka is now on a more optimistic track with this major contract.
Earlier, Ireka had entered Practice Note 17 (PN17) status due to financial problems, but this new project marks a turning point for the company.
