In a filing with Bursa Malaysia, the construction and property development company said the contract involves the development of a 50-storey serviced apartment block in Penang comprising 261 units with a car park and facilities floor.

“The contract is to be completed within 38 months from the commencement date,” it said.

The contract is expected to provide an additional revenue stream for the group over the next four years and will increase and enhance the group’s existing order book.

Persada Mentari is an indirect subsidiary of Eastern & Oriental Bhd (E&O).

The non-executive chairman of Kerjaya Prospek Group is also the executive chairman of E&O.

Major shareholders and connected persons have interests in both companies.

As at 2.50pm, Kerjaya Prospek’s share price was up by 2 sen or 1.04% at RM1.95, giving the group a market capitalisation of RM2.47 billion.