Bina Puri extends financial year to 23 months amid restructuring

KUALA LUMPUR (April 30): Construction and property firm Bina Puri Holdings Bhd (KL:BPURI) is extending its financial year again, now combining nearly two years of results into a 23-month reporting period by switching to a May year-end.

In a bourse filing, the group said its board of directors approved the change of the company’s financial year end from Dec 31 to May 31 to facilitate its operational review and corporate restructuring involving key stakeholders.

Bina Puri had already extended its financial year nine months ago, from June 2025 to December 2025, creating an 18-month reporting period.

This follows approval from the Companies Commission of Malaysia (SSM) under Section 340 of the Companies Act 2016 to extend the deadline for holding its 2026 annual general meeting until Nov 30, 2026, according to another filing with the exchange on Wednesday.

Under a Dec 31 cycle, Bina Puri would have filed its annual report by the end of this April. The AGM is required within six months of the financial year end.

The group reported a net loss of RM56.77 million for the 18 months ended Dec 31, 2025, on revenue of RM380.67 million. No comparative figures are available due to the change in financial year end.

The construction firm, known for building KLIA2 and LRT projects, is facing several winding-up petitions and is undergoing debt restructuring through a scheme of arrangement with creditors.

It has obtained a court order to convene a scheme creditors’ meeting up to July 16 this year and a restraining order until Sept 16.

As at Dec 31, 2025, the group had RM329.9 million in bank borrowings.

In February, Bina Puri announced it is disposing of its 50% stake in the KL–Kuala Selangor Expressway (Latar) concessionaire to Latar managing director Datuk Mohamed Raffe Chekku for RM77 million. The disposal is part of its effort to improve liquidity, as no dividends have been paid by the concession company.

The group, which expects a gain on disposal of RM74.9 million from the deal, said proceeds from the sale will be used to repay bank borrowings and strengthen its financial position.

Despite its troubles, the group secured a road construction and upgrade subcontract worth RM156.45 million in Simunjan, Sarawak, last month, and another RM42.5 million construction contract in Limbang, Sarawak, in March.

Bina Puri closed unchanged at 29.5 sen on Wednesday, valuing the company at RM263.4 million.

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