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Kerjaya Prospek bags RM211.6m construction contract from PPB

KUALA LUMPUR (Dec 5): Kerjaya Prospek Group Bhd has secured a RM211.6 million contract from PPB Group Bhd for construction works for a mixed development project at Taman Megah, Petaling Jaya.

The group’s wholly-owned unit Kerjaya Prospek (M) Sdn Bhd (KPMSB) had received the letter of award from PPB’s subsidiary PPB Hartabina Sdn Bhd (PHSB) on Nov 30, 2018 for the construction of the main building and external works.

The proposed development comprises a 31-storey service apartment, nine-storey carpark with podium and common facilities, as well as a four-storey office with two levels of basement car parks and commercial units.

The proposed project is scheduled to start on Dec 8, 2018 and slated for completion on June 8, 2021, Kerjaya Prospek said in a stock exchange filing today.

In a separate statement, the company said its current outstanding order book stands at approximately RM3.08 billion with this new job win.

"Year-to-date, Kerjaya has contracts amounting to RM989.8 million in its portfolio,” it added.

The awarded contract is the group’s first from PPB. “We are delighted to have secured this contract, despite the tepid outlook for construction and property sectors,” Kerjaya Prospek’s executive chairman Datuk Tee Eng Ho said.

“This is an expansion of the group’s current customer base and the job increases our order book, providing an additional stream of revenue over the next three years,” he added.

Shares of Kerjaya Prospek were down 1 sen or 0.83% at midday break today at RM1.20, giving the group a RM1.49 billion market capitalisation. — theedgemarkets.com

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