Construction firm clinches a RM503 million contract to build a data centre in Kuala Lumpur, its sixth data centre-related project.
The company announced yesterday it had clinched a RM503 million contract for the development of a data centre in Jalan Sri Permaisuri, Kuala Lumpur. This was the sixth data centre-related project win for Binastra.
The latest contract was awarded to its wholly owned subsidiary Binastra Builders Sdn Bhd by Exsim Sri Permai Sdn Bhd. The scope involves the design, construction, testing and commissioning, as well as maintenance and guarantee works on a turnkey basis.
The project is scheduled to commence later this month and expected to be completed within 20 months from the start date.
Binastra has been on a roll in bagging construction-related contracts recently. The latest win comes on the heels of three contracts secured worth nearly RM2 billion in the last three weeks alone.
On Jan 16, it announced its largest-ever contract win following the acceptance of two letters of award worth a combined RM1.2 billion for main building and infrastructure works at Causewayz Square, a landmark high-rise development by Exsim group in Johor Bahru.
The contracts were awarded to Binastra Builders by Exsim Lumba Kuda Sdn Bhd. The project involves the construction of a 63-storey serviced apartment comprising four residential towers with a total of 4,525 units.
In an exchange filing on Jan 21, Binastra announced it had secured a RM742.9 million construction contract for the main building works of a high-rise development in Taman Pelangi, Johor Bahru.
The contract involves a 72-storey serviced apartment development comprising three towers with a total of 2,743 units. The job was awarded to Binastra Builders by Maxim Pelangi Sdn Bhd.
The company has traditionally been strong in the property-related construction as evidenced by its various high-rise residential property projects in the Klang Valley and Johor Bahru.
In recent years, the group has diversified into the construction of data centres, large-scale solar (LSS) installations and redevelopment of old sewage treatment plants (STPs).
Almost unnoticed by many, Binastra has crept up to become the fifth-largest construction company on Bursa Malaysia in terms of market capitalisation behind industry leaders Gamuda Bhd, IJM Corp Bhd, Sunway Construction Group Bhd and Kerjaya Prospek Group Bhd.
At its current share price of RM2.10, it has a market capitalisation of RM2.29 billion. Its shares have risen 228% since the start of 2024 when it was around the 64 sen level.
The company is controlled by its managing director Jackson Tan who did a backdoor listing by taking over Comintel Corp Bhd in 2022.
Jackson, 51, who held a 56.49% stake as of last October, also runs privately-owned construction firm Binastra Construction (M) Sdn Bhd, which was founded by his father Tan Nge in 1980. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.