KUALA LUMPUR: Bursa Malaysia Securities Bhd has approved Bintai Kinden Corporation Bhd’s proposed regularisation plan, a significant milestone in its journey towards financial recovery and exit its Practice Note 17 (PN17) status.
In a statement today, the engineering services company said the plan encompasses issuing 244 million new shares via a private placement, the proposed granting of an option involving up to 146.4 million shares, and additional shares amounting to 15 per cent of the company’s issued shares via an employees’ share option scheme (ESOS).
“These measures aim to strengthen the company’s financial position by raising fresh capital, incentivising key talent, and aligning the company with Bursa Securities’ listing requirements,” the statement said.
Its managing director and chief executive officer Datuk Tay Chor Han said the plan’s approval is pivotal for the company.
“This plan strengthens our balance sheet, enhances shareholder value, and provides a foundation for long-term stability. We remain committed to fulfilling the conditions set forth by Bursa Securities and ensuring the successful execution of the plan, with the ultimate goal of achieving PN17 upliftment,” he said.
The proposed regularisation plan also represents a broader strategic direction for Bintai Kinden, enabling it to stabilise its financial foundation, retain and motivate key personnel through the ESOS, and meet the public shareholding spread requirement in compliance with Bursa Securities’ guidelines.
These measures are expected to position the company as a stronger, more resilient player in the market while creating sustainable value for its stakeholders.
— BERNAMA
TAGS: Bintai Kinden, regularisation plan, Bursa Malaysia, PN17, financial recovery
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Thursday , 16 January 2025
