KUALA LUMPUR: Kerjaya Prospek Group Bhd, through its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd, has secured a 25% stake in a joint venture awarded a RM568.2 million contract by Tenaga Nasional Bhd (TNB) to establish a major substation in Paka, Terengganu.
The JTHSB-KPMSB-BSB Joint Venture, comprising Kerjaya Prospek (M), Jati Tinggi Holding Sdn Bhd and Betapac Sdn Bhd, received the letter of award on Oct 21 and accepted it yesterday.
Under the joint venture agreement, Jati Tinggi Holding, a wholly owned subsidiary of Jati Tinggi Group Bhd, holds a 55% participation, while Kerjaya Prospek (M) and Betapac hold 25% and 20% respectively.
The contract involves the establishment of the Paka 500/275/132/33/11kV gas-insulated switchgear (GIS) main intake substation, with completion scheduled within 24 months from the commencement date.
In a filing with Bursa Malaysia, Kerjaya Prospek said the contract would provide an additional revenue stream for the group over the next two years and strengthen its existing order book.
The contract is expected to contribute positively to the group’s earnings and net assets per share for the financial years ending 2026 to 2028.