Bintai Kinden enters MoU to buy builder Johnson Medical for RM50mil 


From left: Bintai Kinden Corp CEO Ong Choon Lui, Bintai Kinden Corp executive vice chairman Ibrahim Othman, Johnson Medical International managing director Yeo Eng Lam and Bintai Healthcare general manager Noor Azri Noor Azerai.

KUALA LUMPUR: Bintai Kinden Corp Bhd has entered into a preliminary agreement to acquire a medical facility construction firm for RM50mil.

The company said it plans to settle the purchase by paying RM26mil cash and and the issuance of 58.6 million new Bintai Kinden shares at 41 sen each to the seller - Yeo Eng Lam.

Bintai Kinden told Bursa Malaysia on Monday that the company has signed a memorandum of understanding (MoU) with Yeo to acquire a 100% equity interest in Johnson Medical International Bhd (JMI).

"The Vendor unconditionally and irrevocably guarantees that JMI shall attain profit after tax (PAT) of not less than RM3.5mil for the 12 months financial year ending Dec 31, 2021 and PAT of not less than RM5.6mil for the 12 months financial year ending Dec 31, 2022, or RM9.1mil collectively for FY21 and FY22," it said.

JMI specialises in undertaking medical facility development and construction projects, which covers the design, construction planning, engineering, manufacture, equipping, installation, testing, commissioning, training and maintenance aspects.

The company is a holder of Grade “G7” certificate by the Construction Industry Development Board for building general works, general civil engineering works, mechanical works and medical equipment system.

In FY20, JMI posted a profit after tax of RM2.18mil on revenue of RM14.4mil.

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