Binastra secures RM315mil building works for residential project

KUALA LUMPUR: Binastra Corp Bhd via its wholly-owned subsidiary Binastra Builders Sdn Bhd has accepted a RM315mil contract for main building works from Pembinaan Serta Hebat Sdn Bhd for a proposed two blocks of residential apartments in Bandar Tasik Selatan in Petaling, Kuala Lumpur.

In a filing with Bursa Malaysia, Binastra said the contract shall be completed within 33 months from its tentative commencement on July 8, 2024.

It said the contract is expected to provide additional income stream to the group for the next four financial years.

The contract is deemed a related party transaction by virtue that the managing director and major shareholder of Binastra, Datuk Tan Kak Seng, is a substantial shareholder in MW Urban Development Sdn Bhd, which has a 26% stake in Greentech Paramount Sdn Bhd, the parent company of Pembinaan Serta Hebat.