KUALA LUMPUR: Bintai Kinden Corp
Bhd has announced that it has successfully restructured and rescheduled all of its defaulted banking facilities with its financiers.
The group said it has made substantial progress through strategic initiatives including securing a robust order book, negotiating favorable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects, and ensuring timely debtor payments.
In addition, it said its external auditor, HLB Ler Lum Chew PLT, which had previously expressed a disclaimer of opinion on going concern for the financial year ended March 31, 2023, has lessened its modified opinion to a qualified opinion with no modifications related to going concern for the current financial year March 31, 2024.
"The removal of any adverse statement relating to going concern by our external auditors is a testament to the significant strides we have made in stabilising and strengthening our financial position.
"This, along with the restructuring of our banking facilities and recent contract awards, showcases our commitment to return Bintai Kinden onto a path of sustainable growth," said Bintai Kinden managing director-cum-CEO Datuk Tay Chor Han.
Moving forward, Bintai Kinden said it will engage its adviser to formulate a self-regularisation plan aimed at uplifting its Practice Note 17 status
