Bintai Kinden Corporation Berhad's (BKCB) wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn. Bhd. (KBK) has secured two contracts valued at a total of RM25.68 million.
The first contract valued at RM24.98 million 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 in Cheras 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) in Selangor awarded by Malaysia Airports Holding Berhad. The construction period is set for 4 months with an expected completion date by 29 November 2024.
Bintai Kinden Managing Director and CEO Datuk Tay Chor Han said: "The two contract wins, which are expected to contribute positively to our earnings in the upcoming financial years and demonstrated the positive restructuring of Bintai Group's operations through 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. "
Tay added, "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 5pn 17 July 2024, the share price of BKCB closed at 13.5 sen, showcasing a market capitalisation of RM164.7 million.
Bintai Kinden Corporation Berhad is a mechanical and electrical (M&E) engineering services specialist, medical device manufacturer, and facilities operator alongside being a multidisciplinary building and industrial service engineering outfit founded in 1973. The Company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Headquartered in Malaysia, BKCB has worked on projects in Southeast Asia, China and the Gulf region of the Middle East.