KUALA LUMPUR (March 24): Bintai Kinden Corporation Bhd has secured RM57.4 million power substation and power transformer contracts from Tenaga Nasional Bhd (TNB).
In a statement on Thursday (March 24), the firm said its unit Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) had accepted two letters of award from TNB, appointing it to be the contractor for both contracts.
It said under the power substation contract, KBK will supply, erect, test and commission a 275 kilovolt (kV) switching station in Malaysia-China Kuantan Industrial Park at Gebeng, Pahang for RM31.5 million.
Meanwhile, the second contract worth RM25.9 million will see KBK undertake the proposed 132kV power transformer extension in Elmina West at Shah Alam, Selangor.
Bintai Kinden said the power substation contract is estimated to be completed within 24 months, and the power transformer contract within 18 months.
Bintai Kinden executive director Azri Azerai said the new contracts are expected to strengthen the company’s track record in the mechanical and engineering industry.
“We will continue to leverage on our core competencies to bid for more contracts,” he said.
He said the contracts are expected to contribute positively to the earnings of the company for the financial years ending March 31, 2022 and 2023 as well as to the future earnings for the duration of the contract.
He added that inclusive of the two contracts, Bintai Kinden has increased its outstanding order book to approximately RM170.9 million, which will provide a healthy earnings visibility for the next two financial years.
At the midday break on Thursday, Bintai Kinden rose 3.7% or 0.5 sen to 14 sen, valuing it at RM103.4 million.
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