Bintai Kinden Corp Bhd said Tenaga Nasional Bhd (TNB) has reinstated three out of 10 previously terminated contracts following successful negotiations.
The revived contracts, managed by its unit Kejuruteraan Bintai Kindenko, involve defect clearance works at three substations, including in Grik and Subang Jaya.
TNB had terminated the contracts in 2023 due to Bintai Kinden’s financial troubles, which included a RM109 million loan default linked to a student housing project.
Bintai is currently implementing a regularisation plan involving a private placement, capital reduction, and a strategic pivot to the construction sector.
Further details on the settlement with TNB will be announced once official documentation is received, it said. —TMR
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