Bintai Kinden rises 4.3% on healthcare business expansion plan


KUALA LUMPUR: Shares in Bintai Kinden Corp Bhd rose in active trade in early trade Tuesday on news of its healthcare business expansion.

The counter rose 4.35%, or two sen to 48 sen, its highest in a month with 42.3 million shares done.

Bintai Kinden will acquire Johnson Medical International Sdn Bhd (JMI) for RM50mil to expand its healthcare business segment.

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 has signed a memorandum of understanding (MoU) with Yeo to acquire a 100% equity interest in JMI.

Under the MoU, Yeo will provide Bintai Kinden with a profit guarantee of RM3.50mil and RM5.60mil for the financial year (FY) ending 31 December 2021 and FY22 respectively.

Barring any unforeseen circumstances, the corporate exercise is expected to contribute positively to future earnings and improve the financial position of Bintai Kinden.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Business News

Palm oil surges to RM4,524, joins global farm boom
Taiwan stocks sink nearly 9% on virus woes, tech rout
Air Asia unit gets base maintenance nod from CAAM, eyes Asean
FBM KLCI bounces in holiday-shortened session
Bumi Armada, Gamuda, Sunway added to MSCI Malaysia small cap index
Palm oil jumps above RM4,500 to record
Magnum ticket sales expected to slow during MCO3.0
Ringgit weighed down by rising Covid cases
Quick take: Quality Concrete hits limit up in early trade
Banks help shore up KLCI amid cautious market

Stories You'll Enjoy


Vouchers