BINTAI (6998) - Bintai Kinden sees better prospects on RM1.2b project bids
April 13, 2015 : 1:35 PM MYT
KUALA LUMPUR (April 13): Loss-making Bintai Kinden Corp Bhd expects its financials to improve, capitalising on some RM1.2 billion worth of mechanical and engineering (M&E) projects the company is bidding for.
Bintai Kinden (fundamental: 0.35; valuation: 1.2) managing director Ong Choon Lui said the group is tying up with other firms to bid for the heavy-duty power generators contract under the Malaysia's mass rapid transit (MRT) Line 3 project.
"We do not want to speculate. The result is expected to be announced by end of this year," Ong told pressmen after the company's extraordinary general meeting (EGM) today.
Earlier, Bintai Kinden's shareholders had at the EGM approved the company's proposed private placement and rights issue exercise to raise funds for working capital and to repay borrowings.
At the press conference, Ong said apart from the MRT Line 3, Bintai Kinden was also bidding for other projects nationwide. These include M&E contracts in the oil and gas sectors besides projects involving factories and hospitals, according to Ong.
He said Bintai Kinden's current Malaysian orderbook stood at RM500 million. In Singapore, the orderbook was valued at S$480 million (RM1.3 billion).
The total orderbook is expected to keep the company busy for the next two to three years, according to him.
Bintai Kinden posted a RM1.51 million net loss in the financial year ended March 31, 2014.
Cumulative 9MFY15 net loss came to RM3.75 million versus a net profit of RM226,000 a year earlier.
Today, Bintai Kinden shares settled unchanged at 12.30pm at 32 sen for a market capitalisation of RM32.6 million.
A total of 182,200 shares changed hands.
http://www.theedgemarkets.com
April 13, 2015 : 1:35 PM MYT
KUALA LUMPUR (April 13): Loss-making Bintai Kinden Corp Bhd expects its financials to improve, capitalising on some RM1.2 billion worth of mechanical and engineering (M&E) projects the company is bidding for.
Bintai Kinden (fundamental: 0.35; valuation: 1.2) managing director Ong Choon Lui said the group is tying up with other firms to bid for the heavy-duty power generators contract under the Malaysia's mass rapid transit (MRT) Line 3 project.
"We do not want to speculate. The result is expected to be announced by end of this year," Ong told pressmen after the company's extraordinary general meeting (EGM) today.
Earlier, Bintai Kinden's shareholders had at the EGM approved the company's proposed private placement and rights issue exercise to raise funds for working capital and to repay borrowings.
At the press conference, Ong said apart from the MRT Line 3, Bintai Kinden was also bidding for other projects nationwide. These include M&E contracts in the oil and gas sectors besides projects involving factories and hospitals, according to Ong.
He said Bintai Kinden's current Malaysian orderbook stood at RM500 million. In Singapore, the orderbook was valued at S$480 million (RM1.3 billion).
The total orderbook is expected to keep the company busy for the next two to three years, according to him.
Bintai Kinden posted a RM1.51 million net loss in the financial year ended March 31, 2014.
Cumulative 9MFY15 net loss came to RM3.75 million versus a net profit of RM226,000 a year earlier.
Today, Bintai Kinden shares settled unchanged at 12.30pm at 32 sen for a market capitalisation of RM32.6 million.
A total of 182,200 shares changed hands.
http://www.theedgemarkets.com
