CEO Morning Brief

Kerjaya Prospek Secures RM265m Building Work Contract in Penang

Publish date: Thu, 07 Apr 2022, 12:00 AM
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TheEdge CEO Morning Brief
Kerjaya Prospek secures RM265m building work contract in Penang

KUALA LUMPUR (April 6): Construction outfit Kerjaya Prospek Group Bhd said it has secured a RM265 million contract to undertake main building work for a proposed development project located at Kawasan Terbusguna Tanah Seri Tanjung Pinang (Phase 2A) in Penang.

The contract was awarded by Eastern & Oriental Bhd's indirect subsidiary Persada Mentari Sdn Bhd to Kerjaya Prospek's wholly-owned unit Kerjaya Prospek (M) Sdn Bhd.

The project comprises two blocks of apartments, housing a total of 1,020 units, a basement car park, a four-storey car park and two storeys of commercial units.

In a statement to the bourse, the company said the contract is expected to be completed within 32 months from its commencement date of July 1.

Together with the recently secured RM710.1 million contract for the development of Astrum Ampang, the company has bagged three contracts in 2022, according to its chief executive officer and executive director Tee Eng Tiong.

This is fast approaching the RM1.2 billion target for this year, he noted.

"Being able to achieve this feat despite only being four months into 2022 speaks volume of our competitiveness in the market and our abilities as a leading building contractor in Malaysia.

"Together with these new contracts, our outstanding order book is bolstered to RM4.4 billion, which will provide the group with earnings visibility for the next five years.

"We will continue to tender for new projects by leveraging on our competitive strengths to enhance our shareholders' returns and take the group to the next growth phase," he added.

As of the 12.30pm break on Wednesday, Kerjaya Prospek shares settled unchanged at RM1.17 with a market capitalisation of RM1.45 billion.

Source: TheEdge - 7 Apr 2022

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