KUALA LUMPUR, April 26 — A joint venture between Kerjaya Prospek Group Bhd and Gamuda Bhd has clinched a RM202.6 million contract to undertake infrastructure works on Gurney Marine Bridge and all other associated civil engineering works for the Seri Tanjung Pinang Phase 2 (STP2).

Kerjaya Prospek said wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd, through the partnership with Gamuda’s unit Gamuda Engineering Sdn Bhd, had accepted a letter of award from Tanjung Pinang Development Sdn Bhd (TPD) for works on the bridge linking Jalan Gurney to the STP2 Island.

Besides works on the bridge, the contract also involves the completion of a 55.47-metre-wide main road from the bridge to the Gurney roundabout and the upgrading of the roundabout.

TPD is an indirect subsidiary company of Eastern & Oriental Bhd (E&O).

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Kerjaya Prospek said the award brought the total contracts secured by it for 2021 to RM356.1 million.

Executive chairman Datuk Tee Eng Ho said the contract was the second bridge project after the completion of the marine bridge crossing the sea linking Jalan Seri Tanjung Pinang on the Penang island with the STP2 Island.

He added that with the higher allocations from the Malaysian government for infrastructure expenditure, it would definitely open more doors for the group to participate in infrastructure projects.

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“We expect this contract to contribute positively to the earnings and net assets per share for the financial years 2021 to 2023,” said Tee.

Kerjaya said the infrastructure works, expected to start on May 4, 2021, would take 30 months to complete.

The contract is regarded as a recurrent related party transactions of a revenue or trading nature pursuant to Bursa Malaysia Securities Bhd’s listing requirements as Tee is a director and indirect major shareholder of E&O. — Bernama