PETALING JAYA: Bintai Kinden Corp
Bhd’s wholly owned subsidiary Optimal Property Management Sdn Bhd (OPM) has reached a proposed settlement framework with Universiti Islam Melaka Bhd (UIMB) over its long-standing concession arrangement for student accommodation at Universiti Islam Melaka.
Under the proposed arrangement, UIMB will make total payments of RM24.7mil to OPM through monthly concession fees and the recovery of outstanding concession arrears.
The monthly concession payments will total RM14.7mil, comprising RM600,000 in September 2026, followed by RM700,000 per month from October to December 2026, and RM1mil per month from January to December 2027.
Separately, UIMB will repay RM10mil in outstanding concession arrears through five quarterly instalments of RM2mil each, beginning in September 2026 and ending in September 2027.
Beyond the immediate cash flow recovery, UIMB is targeting a comprehensive final settlement by September 2027, with an option to extend the timeline until December 2027. The long-term resolution would involve either the full settlement of the outstanding indebtedness and OPM’s underlying financing facility with MBSB Bank.
