KUALA LUMPUR: Kerjaya Prospek Group Bhd's (KPGB) unit Future Rock Sdn Bhd (FRSB) has bagged RM567.7 million worth of reclamation and dredging works for Seri Tanjung Pinang development Penang from Eastern and Oriental Bhd's (E&O) unit.
It received the letter of award fromTanjung Pinang Development Sdn. Bhd today.
The job is considered a recurrent related party transaction as KPGB's chairman Datuk Tee Eng Ho is also executive chairman of E&O and also major shareholders of KPGB and E&O by virtue of his deemed interest in KPGB and E&O via companies which he, hiw wife and brother have interest in.
In a filing with Bursa Malaysia Securities Bhd, KPGB said the contract is in contract is in the ordinary course of business of FRSB 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.
The contract is expected to provide an additional stream of revenue for the group over the next four years, until financial year 2027.
KPGB's share price closed one per cent lower to RM1.81 a share at midday.