KUALA LUMPUR (May 14): Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, charted a new all-time high and emerged among the top gainers on Bursa Malaysia during Tuesday’s morning trading session.

Shares in Binastra surged as much as 27 sen or 15.9% to RM1.97, their highest since listing in August 2004. The stock pared some gains to settle at RM1.88 at the market’s noon break, still up 18 sen or 10.6% from its previous close, after 2.22 million shares changed hands.

At RM1.88, the company is valued at RM969.7 million. Year to date, the counter has gained 55.8 sen or 42.2%. No institutional analysts have covered the stock.

Bloomberg data showed the counter had rather low liquidity, with floating shares accounting for just 28.8 million or 5.7% out of 497.8 million outstanding shares.

On Monday, Binastra said its substantial shareholders Datuk Jackson Tan Kak Seng and Lee Seng Yong had increased their stakes in the company through subscriptions to a rights issue at 80 sen per share.

Tan — who is also the managing director — raised his direct interest in the company to 12.16% by acquiring 5.5 million shares, and upped his indirect interest to 51.17% by acquiring 23.63 million shares via JT Conglomerate Sdn Bhd. Meanwhile, Lee acquired 3.72 million shares, raising his direct interest in the company to 8.14%.

Binastra, which was uplifted from Practice Note 17 (PN17) status in September last year, has undergone a series of reclassifications over the past two months. It changed its name in March to reflect its branding for construction projects undertaken by Tan. Tan was also previously a substantial shareholder of property developer Maxim Global Bhd (KL:MAXIM).

The following month, Binastra reclassified its shares under the construction sector instead of the industrial products and services sector. So far this year, Bursa Malaysia’s Construction Index has climbed 19.2%, led by Binastra.

For the financial year ended Jan 31, 2024 (FY2024), the company’s net profit more than doubled to RM40.77 million from RM16.52 million for FY2023, mainly due to its construction segment, which saw higher construction work activities.

Revenue leapt by 130% to RM425.2 million from RM184.85 million.

As at Jan 31, 2024, Binastra had 15 ongoing construction projects, with an outstanding order book of RM1.4 billion, which it said would provide earnings visibility over the next four financial years.

Subsequently, the group said in March that it had received a contract worth RM369.95 million from Exsim Jalil Link Sdn Bhd for a residential project in Bukit Jalil, Kuala Lumpur, which is slated to be completed within 41 months.