KUALA LUMPUR: Binastra Corporation Bhd has bagged a RM256.5 million contract mechanical and electrical (M&E) fit-out works for a data centre located in Bukit Jalil.
The company said it accepted a letter of award from Exsim Jalil Link Sdn Bhd for the project, which comprises design, construction, completion, testing and commissioning of the M&E fit-out works.
It said the project will be carried out in two phases, with first phase targeted for completion within nine months, while second phase within 24 months from the commencement date, which is yet to be determined.
The contract is expected to provide additional income stream for the group over the next three financial years ending January 31, 2025 to 2027.
Managing director Datuk Jackson Tan Kak Seng said transitioning from traditional construction to undertaking specialised M&E works amid the data red centre boom reflects the client's strong confidence in Binastra's capabilities.
"With this 12th contract under our belt, the group remains committed to elevate its expertise and expand into various sub-sectors to unlock new milestones in the construction industry.
"We look forward to deliver more good news in near future as the group strives towards greater heights," he added.
To date, Binastra has secured RM2.7 billion in new contract wins for financial year ending January 2025, bringing its total outstanding order book to RM3.5 billion.
According to its filing with Bursa Malaysia, the company's executive director and substantial shareholder Lee Seng Yong, who holds 12.955 per cent ordinary shares also holding 5.0 per cent ordinary shares in Exsim Jalil Link via his interest in TRE Towers Holding Sdn Bhd.
It notes that Lee Seng Yong is not a director of Exsim Jalil Link and therefore the contract is not regarded as a related party transaction.
Binastra closed 2 sen or 1.3 per cent lower at RM1.53 today, valuing its market capitalisation at RM1.67 billion.