KUALA LUMPUR (Sept 14): Kerjaya Prospek Group Bhd has secured a RM154.4 million contract to build a temporary coastal protection structure for phases 2B and 2C of the Seri Tanjung Pinang (Phase 2) reclamation project in Tanjung Tokong, Penang.

In a stock exchange filing, the group said the 40-month contract will start on Sept 23. "The contract is expected to provide an additional stream of revenue for the group over the next five financial years," it said, adding it would raise its outstanding order book to RM3.7 billion.

Kerjaya Prospek said its 70%-owned unit Future Rock Sdn Bhd had accepted the letter of award for the contract from Tanjung Pinang Development Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd (E&O).

The contract is deemed a recurrent related-party transaction as Kerjaya Prospek's chairman Datuk Tee Eng Ho is also a non-independent non-executive director of E&O. Eng Ho and his brother Tee Eng Seng are indirect substantial shareholders of E&O, with a 21.92% stake as at July 15.

Kerjaya Prospek shares finished 1% or one sen higher at RM1.01 today, giving the group a market capitalisation of RM1.25 billion. E&O shares, meanwhile, settled unchanged at 40 sen, valuing it at RM582.78 million.