Binastra Secures RM315 Million Contract for Residential Project

Binastra Corp Bhd, through its wholly-owned subsidiary Binastra Builders Sdn Bhd, has secured a contract worth RM315 million from Pembinaan Serta Hebat Sdn Bhd. This contract involves the main building works for a proposed residential project comprising two apartment blocks in Bandar Tasik Selatan, Kuala Lumpur.

According to a filing with Bursa Malaysia, Binastra stated that the project is set to commence on July 8, 2024, and is expected to be completed within 33 months.

The company anticipates that this contract will contribute to its revenue stream over the next four financial years.

This contract is categorized as a related party transaction due to the involvement of Datuk Tan Kak Seng, the managing director and major shareholder of Binastra. Datuk Tan Kak Seng is also a significant shareholder in MW Urban Development Sdn Bhd, which holds a 26% stake in Greentech Paramount Sdn Bhd, the parent company of Pembinaan Serta Hebat.

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