Binastra Corporation Bhd has announced a major development involving a RM305 million contract linked to infrastructure and renewable energy works. According to a filing submitted to Bursa Malaysia, the company’s wholly owned subsidiary, Binastra Green Energy Sdn Bhd (BGE), has entered into a tripartite agreement with Bahru Stainless Sdn Bhd (BSSB) and Binastra Construction (M) Sdn Bhd (BCSB).
The group said the agreement was signed on the same day as the announcement, confirming that BCSB would now take over from BSSB as the client for the project. Despite this shift, all terms and conditions under the original contract will remain unchanged. The contract was first awarded through a letter of award dated October 7, 2025.
The scope of the project is extensive and includes the design and construction of several key infrastructure components. These include site clearance, earthworks, and civil and structural works. In addition to the infrastructure elements, the contract covers significant renewable energy installations. This includes the development of a 65 megawatt-peak (MWp) solar photovoltaic system and a 200 megawatt-hour (MWh) battery energy storage system. These additions highlight Binastra’s continued push into the renewable energy sector, aligning with broader national and global trends toward clean energy investments.
Binastra explained that under the new arrangement, BCSB would assume the rights and obligations originally held by BSSB. This means BCSB will now act as the asset owner and financier for the entire project. The company clarified that this change is part of a recurrent related party transaction categorized under Bursa Malaysia’s Main Market listing requirements. Shareholders had already approved this arrangement during the annual general meeting held on July 3, 2025.
The company also provided details on its major shareholders as part of the disclosure. Datuk Tan Kak Seng, the managing director of Binastra Corporation, holds a direct stake of 11.09% in the company. He also has an indirect stake of 41.18% through JT Conglomerate Sdn Bhd, where he serves as a director. These combined interests make him a key decision-maker in the group. BCSB, which now acts as the client for the contract, is majority owned by Tan with a 64.69% stake. His father, Tan Nge, holds 32.32%, and his mother, Liu Soh Yon, owns the remaining 2.99%. All three are directors of BCSB.
The agreement marks a significant step for Binastra in advancing both infrastructure and renewable energy initiatives. It also reflects the company’s strategy of strengthening internal collaboration between its subsidiaries while supporting Malaysia’s growing focus on sustainable energy development.
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