KUALA LUMPUR: Kerjaya Prospek Bhd via its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has secured a RM275.29mil contract from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd
(E&O), for the completion of a building at Bandar Tanjung Pinang in the Andaman Island in Timur Laut, Penang Island.
In the related party transaction, the group will undertake the execution of 50 storeys of main building works for the proposed development of a serviced apartment comprising one block of 261 service apartments with car park and facilities.
The contract is to be completed within 38 months of the commencement date, it said in a filing with Bursa Malaysia.
According to Kerjaya Prospek, the contract will enhance its order book and is expected to provide an additional stream of revenue to the group for the next four years.
The contract is deemed a recurrent related party transaction by virtue of the interests of Datuk Seri Tee Eng Ho, his wife Datin Seri Toh Siew Chuon and brother Datuk Tee Eng Seng, in both Kerjaya Prospek and E&O.
