KUALA LUMPUR: Kerjaya Prospek Group Bhd
via its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd had secured an award from Persada Mentari Sdn Bhd for building contract works at a proposed development at Pulau Andaman, Pulau Pinang, for RM170.94mil.
Under the scope of the contract, Kerjaya Prospek will execute the main building works for the proposed development of a 45-storey service apartment comprising one block of 38-storey service apartments, a two-storey basement carpark, a five-storey elevated carpark, a facilities floor and a wardrobe, kitchen cabinet and vanity mirror for a typical unit.
The contract commences on Jan 18, 2024, and will be completed within 35 months.
"The acceptance of the contract is in the ordinary course of business of KPM and is undertaken on an arm’s length basis, based on normal commercial terms which are not more favourable than those generally available to the public.
"In addition, the contract is expected to provide an additional stream of revenue for the group over the next three years," it said in a stock exchange filing.
Kerjaya Prospek revealed in the filing that Persada Mentari is an indirect subsidiary of Eastern & Oriental Bhd, in which certain directors and major shareholders of the group have direct and indirect interests.
It said it received the mandate from its shareholders to enter into a recurrent related party transaction of a revenue of trading nature at the annual general meeting on June 13, 2023.
