Latest news with #TeeEngTiong
The Star
26-05-2025
- Business
- The Star
Kerjaya Prospek to acquire 49% stake in Aspen Vision Land for RM98mil
Kerjaya chief executive officer and executive director Tee Eng Tiong PETALING JAYA: Kerjaya Prospek Group Bhd , via wholly-owned subsidiary, Kerjaya Prospek Ventures Sdn Bhd (KPV), is acquiring 4.41 million shares and 935,900 new redeemable preference shares (or a 49% stake) in Aspen Vision Land Sdn Bhd (AVL) for RM98mil. In a filing with Bursa Malaysia, the construction and development firm said RM76mil from KPV's subscription will then be injected into AVL's 80%-owned subsidiary, Aspen Vision City Sdn Bhd as, among others, new capital to support ongoing developments. Aspen Vision City Sdn Bhd is the master developer of Aspen Vision City – a flagship mixed development in Bandar Cassia, Batu Kawan, Penang. The investment will be funded via internally generated funds and/or bank borrowings. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said: "This strategic investment provides us with the opportunity to participate not only in the construction works but also in the long-term profit contributions from Aspen Vision City. 'We are pleased to deepen our partnership with the Aspen Group and remain confident in the potential of Batu Kawan as a high-growth township in Penang mainland, which is rapidly transforming into a dynamic industrial and urban hub.'
New Straits Times
26-05-2025
- Business
- New Straits Times
Kerjaya Prospek buys Aspen Vision Land's stake for RM98mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd will subscribe 4.41 million new shares and 935,900 new redeemable preference shares (RPS) in Aspen Vision Land Sdn Bhd for RM98.0 million. The investment will be funded via internally generated funds and/or bank borrowings, Kerjaya Prospek said today. On top of the new 4.41 million new shares, Aspen Vision will also allot and issue 271,000 new shares to Aspen Vision Development Sdn Bhd (AVD) AVD currently holds 4.32 million Aspen Vision shares. Upon completion, Aspen Vision's issued share base will increase from 4.32 million to 9.0 million, with Kerjaya Prospek and AVD holding 49.0 per cent and 51.0 per cent stakes respectively. Aspen Vision's RPS base will increase from 1.16 million to 1.91 million shares. A total of RM76.0 million from Kerjaya Prospek's subscription will then be injected into Aspen Vision's 80 per cent-owned Aspen Vision City Sdn Bhd as, among others, new capital to support ongoing developments. Aspen Vision City is the master developer of a flagship mixed development in Bandar Cassia, Batu Kawan in Penang. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the investment provides it with the opportunity to participate not only in the construction works but also in the long-term profit contributions from Aspen Vision City. "We remain confident in the potential of Batu Kawan as a high-growth township in Penang mainland, which is rapidly transforming into a dynamic industrial and urban hub," he added. The transaction is expected to be completed by August.
New Straits Times
26-05-2025
- Business
- New Straits Times
Kerjaya Prospek buys Aspen Group stake for RM98mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd will subscribe 4.41 million new shares and 935,900 new redeemable preference shares (RPS) in Aspen Vision Land Sdn Bhd for RM98.0 million. The investment will be funded via internally generated funds and/or bank borrowings, Kerjaya Prospek said today. On top of the new 4.41 million new shares, Aspen Vision will also allot and issue 271,000 new shares to Aspen Vision Development Sdn Bhd (AVD) AVD currently holds 4.32 million Aspen Vision shares. Upon completion, Aspen Vision's issued share base will increase from 4.32 million to 9.0 million, with Kerjaya Prospek and AVD holding 49.0 per cent and 51.0 per cent stakes respectively. Aspen Vision's RPS base will increase from 1.16 million to 1.91 million shares. A total of RM76.0 million from Kerjaya Prospek's subscription will then be injected into Aspen Vision's 80 per cent-owned Aspen Vision City Sdn Bhd as, among others, new capital to support ongoing developments. Aspen Vision City is the master developer of a flagship mixed development in Bandar Cassia, Batu Kawan in Penang. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the investment provides it with the opportunity to participate not only in the construction works but also in the long-term profit contributions from Aspen Vision City. "We remain confident in the potential of Batu Kawan as a high-growth township in Penang mainland, which is rapidly transforming into a dynamic industrial and urban hub," he added. The transaction is expected to be completed by August.
The Sun
08-05-2025
- Business
- The Sun
Kerjaya Prospek, Majestic Gen in RM162m Johor deal
KUALA LUMPUR: Construction company Kerjaya Prospek Group Bhd's wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted a letter of award from Majestic Gen Sdn Bhd for a building contract worth RM162 million in Johor Bahru. The contract entails main building works for Gen Rise, a 47-storey transit-oriented serviced apartment development near the customs, immigration and quarantine (CIQ) and Bukit Chagar Rapid Transit System (RTS). The project comprises a single block with 732 units, nine levels of podium parking, and other supporting facilities. Construction, scheduled to commence on Aug 1, is expected to be completed within 36 months. Kerjaya Prospek CEO and executive director Tee Eng Tiong said the construction of Majestic Gen's is the company's maiden project in Johor and its first contract win in the state for 2025. 'Geographically, our focus remains on three growth regions namely Klang Valley, Penang and Johor, where we see strong demand and vibrant development activities continue to shape the future of urban living. 'With this latest RM162 million job, our year-to-date new contract wins have reached RM870.3 million, placing us well on track to achieve our RM1.6 billion target for the year,' he said in a statement. Tee said the total outstanding order book now stands at RM4.6 billion, providing healthy earnings visibility and a solid foundation for continued growth over the next four financial years. Majestic Gen CEO Datuk Hoo Kim See said the company had appointed Kerjaya Prospek, a reputable construction firm, to build Gen Rise – its first project in Johor. 'This is a truly momentous occasion for both companies as we aim to deliver quality and sustainable products to our esteemed buyers. 'We hope that this collaboration will further boost the market's confidence in our current and future developments with an estimated GDV of RM3.7 billion,' he said.
The Star
08-05-2025
- Business
- The Star
Kerjaya Prospek unit bags JB construction works for RM162mil
From left: Ta Wee Dher, executive director of Majestic Gen; Datuk Hoo Kim See, CEO; Tee Eng Tiong, CEO and executive director of Kerjaya Prospek Group; and Chia Sow Teck, senior contract manager of Kerjaya Prospek (M) Sdn Bhd KUALA LUMPUR: Kerjaya Prospek Bhd's wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has secured an award from Majestic Gen Sdn Bhd for building contract works in Johor Bahru for RM162mil. The group said in a stock exchange filing the job entails the main building works of a 47-storey service apartment with 732 units and nine level so fpdoum parking. The development also includes one level of basement parking and mechanical and electrical (M&E) facilities, one level of parking and M&E facilities with one commercial unit and three levels of recreational facilities. The contract will commence on Aug 1, 2025, and be completed within 36 months. It is expected to provide an additional stream of revenue for the group over the next three years. "We are honoured to be entrusted with the construction of Majestic Gen's maiden project in Johor, which also represents our first contract win in the state for 2025. "Geographically, our focus remains on three growth regions, namely Klang Valley, Penang and Johor, where we see strong demand and vibrant development activities continue to shape the future of urban living," said Kerjaya Prospek CEO and executive director Tee Eng Tiong in a statement. According to Tee, the group's year-to-date new contract wins have reached RM870.3mil, putting it on track to achieving its RM1.6bil target for the year. He added that total outstanding order book stands at RM4.6bil, providing healthy earnings visibility and solid foundation for continued growth over the next four financial years.
