KUALA LUMPUR (Oct 29): Satellite telecommunications company Binasat Communications Bhd (KL:BINACOM) has secured a contract worth RM46.31 million for the supply, erection and commissioning of transmission main intake (PMU) job in Genting Klang, Kuala Lumpur.

Binasat said in a bourse filing on Tuesday (Oct 29) that its 70%-owned unit Binasat Digital Sdn Bhd (BDSB) — formerly known as Satellite NOC Sdn Bhd — received the contract from Reltency Engineering Services Sdn Bhd.

The contract is effective on Oct 29, 2024, and is expected to be completed within 540 days from its commencement date.

The scope of work includes the 132 kilovolt (kV) substation equipment, including gas-insulated switchgear (GIS), transformers, and associated systems, at PMU Genting Klang, as well as upgrading existing substations at PMU Titiwangsa and PMU Kampung Lanjut.

Binasat said the project is expected to contribute positively to the group’s earnings over the course of the contract while not impacting its net assets and gearing for the financial year ending Dec 31, 2024.

Including the latest win, Binasat has announced three cable jobs since the start of 2024, with contract values totalling approximately RM128.33 million, all of which are located in Klang Valley.

Shares of Binasat settled down half a sen or 2.44% to 20 sen on Tuesday, valuing the group at RM80.30 million.