KUALA LUMPUR, Binastra Corporation Bhd's wholly owned subsidiary, Binastra Builders Sdn Bhd, has accepted a letter of award from Kaisar Maxim Sdn Bhd for a main building works contract worth RM283.33 million. The group said the contract involves a proposed development of three blocks of apartments (624 units) with 31 floors, including four podium levels and five basement levels for parking, along with one TNB (Tenaga Nasional Bhd) unit in Taman Desa, Kuala Lumpur. It said the proposed development shall commence on Sept 17, 2024 and will be completed within 32 months from the commencement date. 'The contract is expected to provide an additional income stream for the group over the next four financial years. It will have no effect on the issued share capital of Binastra but it is expected to contribute positively to the earnings and net assets per share of the group for the financial years ending Jan 31, 2025 (FY2025) to 2028,' it said in a stock exchange filing. In a separate statement, Binastra managing director Datuk Jackson Tan Kak Seng said with the achievement of the contract, the group is on track to achieve its full-year target of RM3 billion. 'We remain dedicated to leveraging our expertise in the construction industry to capitalise on new opportunities, especially in data centres as well as engineering, procurement, construction and commissioning (EPCC). We look forward to delivering more exciting updates to the shareholders in the remaining months of FY2025,' he said. To date, Binastra's outstanding order book value amounted to RM2.8 billion, which is expected to provide financial visibility in the next four years. Source: BERNAMA News Agency