Bintai Kinden plans fresh private placement to fund property venture

Bintai Kinden managing director Ong Choon Lui said the mixed development projects would contribute 25% or more to the company’s future earnings and improve its financial position.

KUALA LUMPUR: Engineering firm Bintai Kinden Corp Bhd is planning to raise as much as RM58.4mil by selling new shares to fund its expansion into property development.

The proposed private placement of up 114.6 million new shares, at an indicative price of 51 sen each, will expand the group's share capital by 30%.