Kerjaya Prospek Group Bhd (KPGB) has strengthened its position in Penang through the completion of a strategic investment in Aspen Vision Land Sdn Bhd (AVL) and the acquisition of full ownership of Tanjung Bungah Development Sdn Bhd (TBD), both entities linked to Aspen (Group) Holdings Ltd.

In a filing with Bursa Malaysia, KPGB said its wholly owned sub-subsidiary, Kerjaya Prospek Ventures Sdn Bhd (KPV), has completed the subscription of new shares in AVL, giving it a 49% stake in the company. Separately, KPV has entered into a share sale agreement with Aspen Vision Tanjung Sdn Bhd to acquire the remaining 40% equity interest in TBD for RM80, resulting in TBD becoming a wholly owned subsidiary within the KPGB Group.

The move follows an earlier joint venture arrangement established in July 2025 to jointly develop two freehold parcels in Tanjung Bungah under Lot 2601 and Lot 3603. The land transaction, valued at RM117 million, together with estimated development expenditure of about RM124 million, represented 10.91% of KPGB’s net assets based on its audited financial statements for the year ended Dec 31, 2024.

The site was previously proposed for HH Park and Residence, a mixed development by Aspen comprising residential and commercial components. The project, which had been unveiled several years ago, has yet to materialise. With KPGB now taking full control of Tanjung Bungah Development Sdn Bhd following the termination of the earlier joint venture and shareholders’ agreements, attention is likely to shift to the group’s plans for the strategically located parcels overlooking the northern coast of Penang.

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