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BINTAI KINDEN ANNOUNCES RM 25.68 MILLION CONTRACT WINS IN SELANGOR AND LTSAAS

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Publish date: Wed, 17 Jul 2024, 06:20 PM

BINTAI KINDEN ANNOUNCES RM 25.68 MILLION CONTRACT WINS IN SELANGOR AND LTSAAS

Company anticipates positive contribution to earnings over the next financial years

PETALING JAYA, 17 JULY 2024 Bintai Kinden Corporation Berhad ("BKCB" or the "Company"; Bursa: BINTAI, 6998), a mechanical and electrical (“M&E”) engineering services specialist, medical device manufacturer, and facilities operator, today announced that its wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn. Bhd. (“KBK”), has secured two contracts valued at a total of RM25.68 million.


Bintai Kinden


The first contract valued at RM24.98 milliion involves the construction of 24 Units of Semi-Detached 3 stories houses and 12 Units of Townhouses within a 3 Storey Building together with infrastructure works located at Mukim Cheras, Daerah Hulu Langat, Selangor Darul Ehsan awarded by Palm Valley Development Sdn. Bhd.

The construction period is set for 18 months with an expected completion before mid-2026.

The second contract valued at RM700,000 is for the temporary power supply works for the existing building and associated works at Zone 3, Lapangan Terbang Sultan Adbul Aziz Shah (LTSAAS), Selangor Darul Ehsan awarded by Malaysia Airports Holding Berhad. The construction period is set for 4 months with an expected completion date by 29 November 2024.

Datuk Tay Chor Han, Managing Director cum CEO of Bintai Kinden, commented, “We are pleased with securing these two contract wins, which are expected to contribute positively to our earnings in the upcoming financial years. These wins demonstrated the positive restructuring of Bintai Group’s operations. During my initial 10 months as MD, my team and I focused on critical tasks: negotiating with banks and creditors, implementing cost-cutting measures, completing, and finalised outstanding projects, ensuring debtor payments, and raising capital from the market. After 10 months, we began tendering for new jobs, marking a new phase of growth for BKCB. These efforts were pivotal in our aim to drive the company out of PN17."


Datuk Tay Chor Han, Managing Director cum CEO of Bintai Kinden


Datuk Tay added, “Our heartfelt gratitude goes to our esteemed principals for their unwavering support and confidences in us. Our strong track record of completing projects on schedule played a significant role and we are hopeful for more contract wins soon. Since our restructuring, we have managed to secure about RM56 million worth of contracts. Our present tender book stands at RM160 million, with our team actively pursuing and hopeful for new tender awards.”

The successful wins of these projects will positively contribute to the financial performance of Bintai Kinden Corporation Berhad ahead, enhancing shareholder value and driving future growth. As at 5:00 P.M., 17 July 2024, the share price of BKCB closed at 13.5 sen, showcasing a market capitalisation of RM164.7 million.

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