KUALA LUMPUR: Binastra Corp Bhd's subsidiary Binastra Builders Sdn Bhd has accepted a RM315 million contract for main building works from Pembinaan Serta Hebat Sdn Bhd.
According to the company's filing to Bursa Malaysia, the contract involves the construction of two residential apartment blocks in Bandar Tasik Selatan here.
Binastra said the contract willl be completed within 33 months from its tentative commencement on July 8 this year.
"The contract is expected to provide additional income stream to the group for the next four financial years," it added.
The company also noted that the contract is a related party transaction by virtue that the managing director and major shareholder of Binastra, Datuk Tan Kak Seng.
Tan is a substantial shareholder in MW Urban Development Sdn Bhd, which holds a 26 per cent stake in Greentech Paramount Sdn Bhd, the parent company of Pembinaan Serta Hebat.
