KUALA LUMPUR (June 30): Construction and property firm Bina Puri Holdings Bhd (KL:BPURI) has secured approval from its scheme creditors for its proposed scheme of arrangement to restructure its outstanding liabilities.
In a statement on Tuesday (June 30), Bina Puri said creditors representing RM301.41 million or 87.62% of the total outstanding liabilities covered under the scheme voted in favour of the proposal at a court-convened meeting held on June 30.
The restructuring proposal will comprise the outstanding liabilities of scheme creditors of Bina Puri through a combination of an upfront cash payment – utilising funds raised through a rights issue, a restructuring of a portion of debt to be repaid over a seven-year period, the issuance of equity and debt-to-equity instruments and a permanent waiver.
Tuesday's approval exceeded the required 75% threshold in value of scheme creditors present and voting. The scheme will become binding on Bina Puri and its scheme creditors upon an order of sanction being made by the High Court and upon such order being lodged with the Companies Commission of Malaysia.
In addition, the company said it has instructed its solicitors to proceed with the court application for sanction of the scheme.
Bina Puri group chief executive officer Marcus Goh Kee Lun described the outcome as a vote of confidence in the company and its proposed settlement, saying it marked a decisive step in Bina Puri's restructuring process towards a stronger and more resilient balance sheet.
"Our immediate priority is to obtain the court's sanction and complete the remaining steps efficiently, so that we can honour our commitments to creditors while turning our full attention to growth," he said, adding that the company are well placed to pursue future growth opportunities.
The group reported a net loss of RM67.84 million for the cumulative 21 months ended March 31, 2026, on revenue of RM415.87 million. No comparative figures are available due to the change in financial year end to May 31 from June 30 previously.
As at March 31, 2026, the group had RM337.74 million in bank borrowings.
Bina Puri's share price closed unchanged at 29.5 sen on Tuesday, valuing the company at RM263 million.