KUALA LUMPUR (Oct 17): Mechanical and electrical engineering services provider Bintai Kinden Corp Bhd (KL:BINTAI) said it has joined forces with a China-based company to jointly bid for construction projects in Malaysia.

In a bourse filing on Thursday, Bintai Kinden said it has entered into a memorandum of understanding with Henan Province Installation Group (M) Sdn Bhd, a subsidiary of China's Henan Province Installation Group Co Ltd, which specialises in machinery installation and construction projects.

The collaboration will target high-rise commercial and residential buildings, industrial facilities, data centres, as well as sub-stations and power distribution networks.

“With Henan’s over 60 years of experience and proven track record in China across various sectors, we believe this collaboration will enhance our ability to secure and deliver on large-scale projects,” said Bintai Kinden managing director and chief executive officer Datuk Tay Chor Han.

Bintai Kinden, a Practice Note 17 (PN17) company, recently reported a turnaround in its earnings for its first quarter ended June 30, 2024 with a net profit of RM1.5 million, compared to a net loss of RM2.74 million a year earlier. This was despite revenue declining to RM5.35 million from RM10.16 million.

The company attributed the improved bottom line to gains from waived payables and discounts received from suppliers.

Bintai Kinden slipped into PN17 status in March 2023, after its subsidiary Optimal Property Management Sdn Bhd defaulted on financing facilities totalling RM109 million from MBSB Bank Bhd, in connection with the construction of a student campus accommodation.

Earlier this month, the company submitted its proposed regularisation plan to Bursa Securities for approval.

Shares in Bintai Kinden closed half a sen or 5.56% higher at 9.5 sen on Thursday, giving the company a market capitalisation of RM110.1 million. Year-to-date, the stock has risen 5.56%.