The Board of Directors of Kerjaya Prospek Group Berhad (“Company”) is pleased to announce that its 70%-owned subsidiary company, Future Rock Sdn. Bhd. (“FRSB”), has on 21 March 2016 accepted a Letter of Award (“LA”) from China Communications Construction Company (M) Sdn. Bhd. (“CCCC”) dated 17 March 2016, on the appointment of FRSB as a subcontractor for the dredging works of the project known as “Reclamation for Seri Tanjung Pinang (Phase II) Development (STP2) Penang” (“Project”) (“Award”).

The value of the Award is for RM181.31 million which comprises work for the dredging of access channel and channel for the Project. The dredging works to be undertaken by FRSB is expected to commence within two (2) weeks as of execution of the LA and due to be completed on 18 March 2018.   

A Subcontract Agreement for the Award will be executed within 60 days after the acceptance of the LA by FRSB.

The Award will further increase and enhance the existing order book of the Company and its group of companies (“Group”).

The Award will have no effect on the issued and paid-up capital of the Company but it is expected to contribute positively to the earnings and net assets per share of the Company and the Group for the financial years ending 2016 to 2018.

None of the directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect, in the Project.