Binastra Corp bags RM369.95m construction job

• The contract involves the development of three blocks of suite apartments totalling 1,558 units, along with related facilities in Bukit Jalil, Kuala Lumpur.

KUALA LUMPUR (March 15): Binastra Corp Bhd has secured a contract worth RM369.95 million to undertake construction and completion of main building works and infrastructure projects.

In a filing with Bursa Malaysia on Friday, Binastra announced that its wholly owned subsidiary Binastra Builders Sdn Bhd had accepted the letter of award from Exsim Jalil Sdn Bhd. The project is set to commence within 41 months.

The contract involves the development of three blocks of suite apartments totalling 1,558 units, along with related facilities in Bukit Jalil, Kuala Lumpur.

Previously known as Comintel Corp Bhd, Binastra is currently undertaking a rights issue followed by a private placement to raise approximately RM90 million for the acquisition of construction equipment and working capital.

Binastra underwent rebranding under its major shareholder Datuk Jackson Tan, who was involved in construction projects before becoming a shareholder in December 2022. He has been the group's managing director since January 2023.

Binastra’s share price closed five sen or 2.94% lower RM1.65 on Friday, for a market capitalisation of RM746.6 million.

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