Binastra Corporation Bhd’s wholly owned subsidiary, Binastra Green Energy Sdn Bhd (BGE), has signed a tripartite agreement linked to a RM305 million contract covering infrastructure and renewable energy projects.
According to a Bursa Malaysia filing on Thursday, the agreement was signed with Bahru Stainless Sdn Bhd (BSSB) and Binastra Construction (M) Sdn Bhd (BCSB). Under the arrangement, BCSB takes over from BSSB as the client for the contract, while all existing terms and conditions remain unchanged.
The contract, originally awarded via a letter of award on Oct 7, 2025, includes the design and construction of infrastructure works—such as site clearance, earthworks, civil and structural works—as well as a 65-megawatt peak solar photovoltaic system and a 200-megawatt-hour battery energy storage system.
BCSB will now assume all rights and obligations of the original client, acting as both asset owner and financier for the project. The contract is classified as a recurrent related-party transaction of a revenue or trading nature, with shareholders’ approval obtained at the company’s annual general meeting on July 3, 2025.
Datuk Tan Kak Seng, Binastra’s managing director, holds a direct 11.09% stake in the company and an indirect 41.18% interest via JT Conglomerate Sdn Bhd. BCSB is jointly owned by Tan (64.69%), his father Tan Nge (32.32%), and his mother Liu Soh Yon (2.99%), all of whom serve as directors of BCSB.
