Bintai Kinden announced that it has successfully restructured and rescheduled all of its defaulted banking facilities with its financiers and with that its external auditors have lessen their modified opinion to a Qualified Opinion with no modifications related to going concern for the current financial year 31 March 2024.

The group reported revenue of RM36.8 million and net profit of RM3.2 million for the financial year ended 31 March 2024. The improvement was significant compared to its results for financial year ended 31 March 2023, whereby revenue was RM116.1 million with net loss of RM114.5 million. The group said the increase in profit after tax was due to lower operating cost achieved via the downsizing and effective costs control measures.

BKCB added it had made substantial progress through strategic initiatives including securing a robust order book, negotiating favorable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects, and ensuring timely debtor payments. These efforts have been critical in driving the Company towards recovery.

On 30 July 2024, Bintai received Maybank's approval for the restructuring and rescheduling of its wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd ("KBK") banking facilities. This restructuring involves converting the outstanding Contract Overdraft/Trade Bills into a Term Loan facility, reinstating an Overdraft facility of RM6.9 million, and a Bank Guarantee facility of RM10 million, as per the bank's Letter of Offer dated 30 July 2024. With this approval, all of Bintai Group's banking facilities have been regularised, marking another milestone in the Company's recovery journey.

Building on these positive developments, Bintai Kinden said it will engage its adviser to formulate a self-regularisation plan aimed at uplifting its PN17 status.