Bintai Kinden attracts buying interest after announcement on JV project

KUALA LUMPUR (Oct 20): Bintai Kinden Corp Bhd rebounded from the trough this morning after the company announced a joint venture project with gross development value (GDV) of RM350 million yesterday.

At 11.30am, the stock rose 1.5 sen to 19 sen with some 1.36 million shares exchanged, giving it a market capitalisation of RM55 million. The counter had tumbled from 24 sen in May to a low of 16.5 sen early this month.

Bintai Kinden has a 200-day average trading volume of 652,570 shares. The counter has been trading between a 52-week range of 16 sen and 28 sen.

In a bourse filing yesterday, Bintai Kinden said its wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd, has entered into a memorandum of understanding with Vista Springs Development Sdn Bhd for the development of premises in Melaka on a 4.74-acre piece of land, which has an estimated GDV of RM350 million.

This is the company's second project announced this week. On Monday, it said it has won a subcontract to develop an air traffic surveillance and management system at the Kuala Lumpur International Airport for RM11 million. Bintai Kinden's trading volume had subsequently soared to 1.02 million from 188,000. — theedgemarkets.com

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