KUALA LUMPUR (Dec 3): Construction outfit Binastra Corp Bhd (KL:BNASTRA) on Tuesday said it had bagged a building contract worth RM327.74 million to build two blocks of a 58-storey serviced apartment for The Vividz @ Bukit Jalil project.

According to a bourse filing, the contract was awarded by Exsim Bukit Jalil City Sdn Bhd to Binastra’s wholly owned subsidiary Binastra Builders Sdn Bhd.

Lee Seng Yong, who owns a 12.95% stake in Binastra and serves as an executive director of the company, is also a shareholder of Exsim Bukit Jalil City, where he holds a 5% stake via TRE Towers Holding Sdn Bhd.

Binastra said the deal is not a related party transaction, as Lee is not a director of Exsim Bukit Jalil City despite his 5% shareholding. 

The company said the contract will commence on Dec 9, 2024, and construction works are to be completed within 42 months.

Pursuant to this, the company formerly known as Comintel Corporation Bhd said the contract is expected to contribute positively to its earnings and net assets per share for the financial year ending Jan 31, 2025 (FY2025) to FY2029.

With the latest win, Binastra has secured RM3.13 billion worth of new contracts for FY2025, boosting its total outstanding order book to RM3.83 billion.

At Tuesday’s noon closing, Binastra’s share price was four sen or 2.4% lower at RM1.66, valuing the company at RM1.81 billion. Year to date, the stock has risen 19.4%.