KUALA LUMPUR: Bursa Malaysia has approved Bintai Kinden Corp 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, 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% of the company’s issued shares via an employees’ share option scheme.
“These measures aim to strengthen the company’s financial position by raising fresh capital, incentivising key talent, and aligning the company with Bursa Malaysia’s 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 and ensuring the successful execution of the plan.” — Bernama