KUALA LUMPUR (May 20): Binastra Corp Bhd's (KL:BNASTRA) managing director and largest shareholder Datuk Tan Kak Seng has sold a 6% stake in the construction outfit for RM36 million.

According to a bourse filing on Monday, Tan’s vehicle JT Conglomerate Sdn Bhd offloaded 30 million shares in Binastra — formerly known as Comintel Corp Bhd — at RM1.20 apiece. The share disposal slashed Tan’s total stake in Binastra to 57.3%.

Meanwhile, a separate filing showed that Binastra’s executive director Lee Seng Yong acquired the 30 million share block, raising his stake in the company to 14.16%.

Besides Tan and Lee, Binastra has no other substantial shareholders.

Lee, who was appointed to the company’s board in January 2023, emerged as a substantial shareholder in August last year with a then 9.62% stake.

Earlier this year, Binastra completed a one-for-10 rights issue exercise of 45.25 million shares at 80 sen per share to raise RM36.2 million.

Under the exercise, Tan acquired 29.13 million shares (5.85% stake), while Lee acquired 3.72 million shares (0.75%).

Notably, Binastra shares have been on the ascent since last week.

Since May 13’s close of RM1.63, Binastra has risen 17.06% to an all-time high of RM1.99 on Monday. Year to date, the counter has gained 50.48%.

Binastra, which exited its Practice Note 17 status in September last year, has since changed its company name, as well as reclassified its shares under the construction sector instead of the industrial products and services sector.

Shares in Binastra ended six sen or 3.11% higher at RM1.99, valuing the company at RM990.52 million.