Binastra's Unit Inks Tripartite Agreement Involving RM305 Mln Contract

KUALA LUMPUR, Jan 15 (Bernama) -- Binastra Corporation Bhd’s wholly owned subsidiary Binastra Green Energy Sdn Bhd (BGE) has entered into a tripartite agreement in relation to a RM305 million contract involving infrastructure and renewable energy works.

In a filing with Bursa Malaysia today, the group said BGE signed the agreement on Jan 15, 2026, with Bahru Stainless Sdn Bhd (BSSB) and Binastra Construction (M) Sdn Bhd (BCSB).

“Under the agreement, BCSB has succeeded BSSB as the client for the contract, with all terms and conditions remaining unchanged,” it added.

It said the contract, awarded via a letter of award dated Oct 7, 2025, covers the design and build of infrastructure works, including site clearance, earthworks, and civil and structural works, as well as a 65 megawatt-peak solar photovoltaic system and a 200 megawatt-hour battery energy storage system.

Binastra said BCSB would assume the rights and obligations of the original client (BSSB) as the asset owner and financier for the contract.

It added that the contract is classified as a recurrent related party transaction of a revenue or trading nature under Bursa Malaysia’s Main Market Listing Requirements, with shareholders’ approval obtained at the annual general meeting held on July 3, 2025.

It said Datuk Tan Kak Seng is Binastra’s managing director, a major shareholder by virtue of his direct interests (11.09 per cent) in the company and his indirect interests (41.18 per cent) held via JT Conglomerate Sdn Bhd, in which he also serves as a director.

BCSB is a company jointly owned by Tan (64.69 per cent), his father Tan Nge (32.32 per cent) and his mother Liu Soh Yon (2.99 per cent), all of whom are directors of BCSB.

-- BERNAMA