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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : MONTHLY ANNOUNCEMENT

BINTAI KINDEN CORPORATION BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
MONTHLY ANNOUNCEMENT
Description
Bintai Kinden Corporation Berhad ("Bintai" or "the Company")
- Monthly Announcement on the Status of the Regularisation Plan pursuant to the Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad

Reference is made to the Company’s first announcement dated 29 March 2023 and latest announcement dated 2 October 2023 (“Previous Announcements”). Unless otherwise defined, the terms and definitions used herein shall have the same meaning as defined in the Previous Announcements.

 

The Board of Directors of Bintai wishes to update that the Company is in the midst of formulating the Regularisation Plan and the Company has approximately five (5) months to submit its Regularisation Plan to the relevant authorities for approval.

 

For the past 1 month, the Company has been actively engaging with the remaining financial institutions which have not yet approve the restructuring and rescheduling of its financial commitments and banking facilities granted to its subsidiary companies.

 

The Company also wishes to update that it is in advance stages of a scheme of arrangement for the settlement of debts with the major creditors of Kejuruteraan Bintai Kindenko Sdn. Bhd. (“KBK”), a wholly-owned subsidiary of the Company. The management is negotiating for discounts for the outstanding debts of approximately of RM6.4 million with deferred repayment instalments up to end of the year 2024. The management is optimistic of the outcome. This exercise is expected to be completed before the end of December 2023.

 

The Company will make necessary announcement in regards to any latest material development on the Regularisation Plan in due course.

 

This announcement is dated 1 November 2023.






Announcement Info

Company Name BINTAI KINDEN CORPORATION BERHAD
Stock Name BINTAI
Date Announced 01 Nov 2023
Category General Announcement for PLC
Reference Number GA1-30102023-00029



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