Samsung C&T Corporation (Engineering & Construction Group) of South Korea (“Samsung”) will subscribe for 25,239,000 new shares in Bursa Malaysia’s Main Market listed Kerjaya Prospek Group Berhad (“Kerjaya”) through its wholly-owned subsidiary, Vista Contracting & Investment Global Pte Ltd. The new shares, amounting to approximately 2.04% of Kerjaya’s existing share capital, will be issued by way of a private placement at an issue price of RM1.60 per share. Kerjaya will raise approximately RM40.4 million through this private placement, which will be utilised for working capital for ongoing projects and expenses in relation to the private placement.
 
Samsung C&T (KL) Sdn Bhd, a wholly-owned subsidiary of Samsung, also signed a framework agreement with Kerjaya’s wholly-owned subsidiary, Kerjaya Prospek (M) Sdn Bhd on 9 June 2022 to jointly pursue business opportunities for construction projects with an estimated contract price of not less than RM300 million.
 
Skrine acted as the Malaysian legal counsel to Samsung in the transaction. Lee & Ko were Samsung’s main transaction counsel on the transaction.
 
The lead transaction lawyers are Partner Sheba Gumis (Corporate M&A Practice Group) and Associate Joey Tiw (Corporate M&A Practice Group). They were assisted by Partners Richard Khoo and Tan Shi Wen, Senior Associates Rachel Chiah and Francine Ariel Paul, and Associates Angela Hii and Faith Chan in various aspects of the transaction documents and legal due diligence.

Announcements and media coverage of the transaction can be accessed at:
 
Kerjaya Announcement dated 9 June 2022 on the proposed private placement.
 
Kerjaya Announcement dated 9 June 2022 on the proposed business collaboration.
 
Kerjaya Prospek teams up with Samsung C&T, The Star Online, 9 June 2022.
 
Kerjaya Prospek eyes RM1.5 bil order book in FY22; inks framework agreement with Samsung C&T, theedgemarkets.com, 9 June 2022.
 
Kerjaya Prospek teams up with Samsung C&T to bid for big construction jobs, New Straits Times, 9 June 2022.