Bintai Kinden wins contract from Teladan to build office blocks in Seremban
Following this latest project win, Bintai Kinden’s unbilled order book has increased to RM132.
Following this latest project win, Bintai Kinden’s unbilled order book has increased to RM132.
Bintai fell into the PN17 status after its external auditors flagged the company’s ability to stay as a going concern — an accounting parlance that casts doubt on an organisation’s resources and income to stay afloat — in the financial statements for the financial year ended March 2023.
The project, it said, involves 30 single-story semi-detached houses, 90 single-story cluster semi-detached houses, 136 single-story terrace houses, six single-story bungalows and 13 single-story shop lot units.
In a statement on Wednesday, the mechanical and electrical engineering services specialist, medical device manufacturer and facilities operator said the payment schedule is spread over 21 instalments, with UIMB, a wholly owned subsidiary of the Melaka state government, committing to a minimum payment of RM5.
"The increased focus on the construction business would diversify the group’s income stream and reduce its reliance on its existing core business in the M&E engineering services segment,” Bintai Kinden said in a statement on Friday.
The first sub-contract, valued at RM7.
"This pivotal agreement entails an immediate disbursement of RM1.
The conditional relief indulgence (CRI) agreement involves a six-month relief period for Optimal Property Management Sdn Bhd (OPM), a 100% subsidiary of Bintai Kinden, with monthly loan repayment of RM500,000.
In a bourse filing on Thursday, the mechanical and electrical engineering firm said Axbena filed a notice of discontinuance in respect of the suit with no legal cost, as well as without liberty to file afresh.
Datuk Tay Chor Han replaces Ku Chong Hong, who was redesignated to executive director cum chief financial officer.