Kerjaya Prospek unit bags RM37.82m Pulau Andaman contract

PETALING JAYA (Sept 14): Kerjaya Prospek Group Bhd’s wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd (KPM) has received and accepted a RM37.82 million contract from Persada Mentari Sdn Bhd (PMSB) for piling and substructure works for an affordable apartment project at Pulau Andaman, Penang.

In a Bursa Malaysia filing on Monday (Sept 14), Kerjaya Prospek said the letter of award, dated Sept 11, was for a proposed affordable apartment development on Lot 465, Pulau Andaman.

The development comprises a 38-storey block with 922 affordable housing units, amenity and facility areas, car parks and a Tenaga Nasional Bhd main distribution substation.

The fixed lump-sum contract is scheduled to commence on Oct 1, 2026 and be completed within 24 months.

Kerjaya Prospek said the contract is expected to generate additional revenue over the next two years and contribute positively to the group’s earnings and net assets per share for the financial years ending 2026 to 2028.

Related-party transaction

PMSB is an indirect subsidiary of Eastern & Oriental Bhd (E&O), in which certain Kerjaya Prospek directors and major shareholders have interests.

Kerjaya Prospek said the contract constitutes a recurrent related-party transaction of a revenue or trading nature. It was entered into in KPM’s ordinary course of business on an arm’s length basis and normal commercial terms.

Shareholders had granted a mandate for such recurrent related-party transactions at Kerjaya Prospek’s annual general meeting on June 12, 2026.

Kerjaya Prospek’s non-independent non-executive chairman Datuk Seri Tee Eng Ho is E&O’s executive chairman and a major shareholder of both companies through direct and/or deemed interests.

Kerjaya Prospek executive directors Datin Seri Toh Siew Chuon, Tee Eng Ho’s spouse, and Datuk Tee Eng Seng, his brother, are also major shareholders of Kerjaya Prospek and E&O through direct and/or deemed interests. Tee Eng Seng is also an executive director of E&O.

The company said none of its other directors, major shareholders or persons connected with them has any direct or indirect interest in the contract.

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