PETALING JAYA: Kerjaya Prospek Group Bhd
’s unit has won a RM64.22mil work of contract to undertake foundation piling works and associated sub-structure works for a proposed mixed development, in a related-party transaction (RPT).
In a filing with Bursa Malaysia. Kerjaya Prospect said its wholly-owned subsidiary, Kerjaya Prospek (M) Sdn Bhd (KPSB) has accepted a letter of award from Kerjaya Prospek Property Sdn Bhd, a related party.
The group said the contract was for foundation piling works and associated sub-structure works for proposed mixed development comprising of one block of 25 storey hotel and office building and two blocks of 53 storey service apartment building on top of 11 storey podium, one partial underground level and three storey basement on Jalan Puchong, of which is a development of KP Property.
The construction works to be undertaken by KPSB is expected to commence on Aug 2 and due to be completed on Oct 1, 2018.
The contract is regarded as recurrent RPT as KP Property is a owned by Kerjaya executive chairman Datuk Tee Eng Ho and executive director Tee Eng Seng. Both are major shareholders of Kerjaya and Datin Toh Siew Chuon, who is a director of Kerjaya and the wife of Eng Ho.
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