KUALA LUMPUR: Binastra Corp Bhd's unit has accepted a letter of award from Mightyprop Sdn Bhd for a RM235.5 million job to construct a serviced apartment building in Sungai Buloh, Selangor.
In a filing to Bursa Malaysia today, Binastra Builders Sdn Bhd is set to be completed within 40 months from the commencement date.
According to Binastra, the contract covers the construction and completion of earthworks, piling, pile caps, main building works and infrastructure works.
It is for a proposed development of a one block of serviced apartment building containing 39 storey serviced apartments (662 units).
"The contract is expected to provide an additional income stream for the company over the next four financial years."
"The contract will have no effect on the issued share capital of the company 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 to 2028," it noted.
Shares of Binastra closed eight sen or 6.35 per cent higher to RM1.34, giving it a market capitalisation of RM1.46 billion.