Bina Puri seeks 10% debt waiver under conceptual restructuring plan
The proposed waiver amounts to shaving off RM30.
The proposed waiver amounts to shaving off RM30.
The scheduled hearing of the petition filed by Wisma Majujaya Sdn Bhd has been deferred to Jan 20, 2026, after Bina Puri filed a last-minute stay of proceedings, citing the group’s scheme of arrangement.
The government, as the petitioner, filed the petition on June 23, alleging that Bina Puri owes RM4,199,439.
Bina Puri will also be appointed as the exclusive representative for Hanil’s products in Malaysia, while exploring expansion into other Southeast Asian markets.
The move is part of the company's effort to "restore itself to a solid financial position and effectively address its liabilities to ensure future sustainability" said Bina Puri, whose businesses include property development, highway concessions and power supply.
Bina Puri Properties Sdn Bhd was served a petition in relation to unpaid taxes amounting to RM849,499, while Bina Puri Sdn Bhd (BPSB) received a separate petition over a larger tax sum of RM4.
Bina Puri Sdn Bhd (BPSB) was served with the winding-up petition on May 8 from Fujifilm’s solicitors, Messrs Skrine, with a hearing fixed for Aug 6, 2025, the property developer said in a filing on Tuesday.
Hackers reportedly accessed investors’ trading accounts and used them to buy shares without permission on Bursa Malaysia.
Cheng Kiat, 77, established Bina Puri in 1975 and has served on its board since Nov 5, 1990.
“The escalation of the US$ against ringgit Malaysia and the increase of interest rates from 4% to 11% had warranted the company to negotiate a restructuring of the loan with Exim Bank,” Bina Puri said in a filing.