Kerjaya Prospek lands RM858m Johor data-centre job, completes Tanjung Bungah buyout

PETALING JAYA (Sept 3): Kerjaya Prospek Group Bhd has secured an RM858 million contract for mechanical, electrical and plumbing (MEP) fit-out works at a data-centre development in Iskandar Puteri, Johor.

In a Bursa Malaysia filing on Thursday (Sept 3,) the group said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd had received and accepted a letter of award dated Sept 1 from an unnamed data-centre developer.

The fixed lump-sum contract is scheduled to commence in the third quarter of 2026 and be completed within eight months from the commencement date.

Kerjaya Prospek said the contract is expected to provide an additional revenue stream over the next year, strengthen its existing order book and contribute positively to earnings and net assets per share for the financial years ending 2026 and 2027.

The announcement did not identify the data-centre developer, disclose the facility's capacity or specify its exact location within Iskandar Puteri.

Tanjung Bungah acquisition completed

Separately, Kerjaya Prospek said it had completed the acquisition of the remaining 40% stake in Tanjung Bungah Development Sdn Bhd (TBD) from Aspen Vision Tanjung Sdn Bhd after all applicable conditions precedent under the share sale agreement were fulfilled.

Kerjaya Prospek Ventures Sdn Bhd (KPV), an indirect wholly-owned subsidiary of Kerjaya Prospek, had on June 19 agreed to acquire 80 ordinary shares in TBD, representing Aspen Vision Tanjung's 40% interest, for RM80 cash.

KPV previously held the remaining 60%, and completion makes TBD a wholly-owned subsidiary of KPV.

Under the June share sale agreement, TBD was required to settle RM60.03 million payable to Aspen Vision Tanjung, comprising RM53 million previously paid towards the land and RM7.03 million of expenditure incurred on the development project.

The June agreement was accompanied by deeds to terminate the earlier joint-venture and shareholders' arrangements, facilitating Aspen Vision Tanjung's exit from TBD and the development project.

TBD is the special-purpose vehicle for a proposed mixed development on two freehold parcels — Lot 2601 and Lot 3603 — in Bandar Tanjong Bungah, Penang. The two parcels have a disclosed total land price of RM117 million under the earlier transaction.

The proposed development is to comprise affordable housing, residential units, serviced apartments, retail shops and offices, subject to approvals from the relevant authorities.

Kerjaya Prospek had said the acquisition would streamline TBD's ownership structure, allow the group to exercise full control over the company and enable it to benefit from future profits from TBD's property development activities.

The group said the project's gross development value and development costs could not yet be determined, while commencement remains subject to vacant possession of the land and relevant regulatory approvals.

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