BUSINESS

KERJAYA PROSPEK BAGS CONSTRUCTION CONTRACT WORTH RM567.7 MLN

27/05/2024 02:39 PM

KUALA LUMPUR, May 27 (Bernama) -- Kerjaya Prospek Group Bhd's wholly owned subsidiary Future Rock Sdn Bhd has accepted a letter of award to execute and complete reclamation and dredging works for Seri Tanjung Pinang (Phase 2B and 2C) development (STP2) at Tanjung Tokong, Penang worth RM567.7 million.

It said in a statement today that the construction works are expected to be completed within 40 months from the commencement date.

The contract, awarded by Tanjung Pinang Development Sdn Bhd, an indirect subsidiary company of Eastern & Oriental Bhd, was undertaken on an arm’s length basis, based on commercial terms which are not more favourable than those available to the public. 

The latter is a company in which major shareholders of Kerjaya Prospek have direct and indirect interests.

Meanwhile, Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the project elevates its cumulative year-to-date contract value to RM978.7 million, which brought the total outstanding order book value to approximately RM4.5 billion, which would last them for at least the next four years.

“With a robust order book and strong pipeline of projects, we believe Kerjaya Prospek is well positioned for sustained growth and continued success. 

“This new contract reaffirms our capabilities to undertake infrastructure jobs of this nature, given our past track record of successfully reclaiming 102.39 hectares under STP Phase 1," he said.

-- BERNAMA


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