KUALA LUMPUR: Vivocom International Holdings Bhd’s subsidiary has inked an agreement for a RM160mil contract to carry out a mixed development project in Ipoh.

Vivocom (formerly Instacom Enterprise Sdn Bhd) said yesterday that its subsidiary Vivocom Enterprise Sdn Bhd (VESB) had inked a heads of agreement with De Facto Integrated Sdn Bhd to undertake the job.

“The execution of the final agreement shall be conditional upon the finalisation and completion of the contract bill of quantities,” it said. The Ipoh District and Land Office is the legal and beneficial owner of the vacant land.

“The cost and outlay by Vivocom Enterprise as the main contractor to implement the project have not been fixed and shall be determined once the terms and conditions of a final agreement is mutually agreed upon by the parties,” it said.

Vivocom said VESB will finance the cost and outlay by way of the internally generated funds and/or bank borrowings.