Kerjaya Prospek Group Berhad’s wholly-owned subsidiary, Kerjaya Prospek (M) Sdn. Bhd. has received a letter of award dated 3 January 2024 from Persada Mentari Sdn. Bhd. (“PMSB”), in respect of building contract works for a proposed development at Pulau Andaman, Pulau Pinang for a fixed lump sum contract price of RM170.9 million.
PMSB is an indirect subsidiary company of Eastern & Oriental Berhad, a company which certain Directors and major shareholders of the Company have direct and indirect interests.
The contract covers the execution of 45 storey main building works for the proposed development of a service apartment comprising of: one (1) block of service apartment of thirty-eight (38) storeys, two (2) storey basement carpark; five (5) storey elevated carpark; facilities floor; and wardrobe, kitchen cabinet and vanity mirror for typical unit, on Plot C, Seksyen 2, Bandar Tanjung Pinang, Pulau Andaman, Daerah Timur Laut, Pulau Pinang.
The Contract shall commence on 18 January 2024 and to be completed within thirty five (35) months from the commencement date.
KPM said the acceptance of the contract is in the ordinary course of business 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.
