KUALA LUMPUR (Oct 27): Engineering services group Bintai Kinden Corp Bhd (KL:BINTAI) has secured a RM20.28 million contract from Tenaga Nasional Bhd (KL:TENAGA) for power infrastructure works in Pahang, marking its second contract win from the utility giant since exiting Practice Note 17 (PN17) status in February.
In a bourse filing on Tuesday (Oct 27), Kindenko Sdn Bhd will undertake the job involving the extension of two 45MVA, 132/33kV transformers at the PMU Avetani substation in Bentong.
The project is expected to be completed within 540 days from the commencement date.
The contract brings its outstanding order book to RM183.8 million, said Bintai Kinden in a separate statement. The group also has RM1.77 billion worth of tenders currently under evaluation.
Managing director and CEO Datuk Tay Chor Han said the latest contract reflects the group's efforts to rebuild its business following its financial difficulties.
"Our recovery has been a journey of steady progress, and we believe that every contract secured represents another opportunity to demonstrate our capabilities, strengthen our track record and build confidence in our ability to deliver," he said.
Tay said the group remains focused on securing new contracts while maintaining operational discipline as part of its recovery efforts.
"With a substantial pipeline of tenders under evaluation, we are actively working to translate these opportunities into new contract wins, which will further strengthen our order book and earnings visibility," he added.
In April, Kejuruteraan Bintai Kindenko was awarded a RM44.65 million electrical project by Tenaga for asset replacement and refurbishment works at the Bukit Tengah 275/132kV substation in Penang, including the installation of a new 240MVA autotransformer.
That was Bintai Kinden's first contract from Tenaga since its removal from PN17 status on Feb 27, after nearly three years under the financially distressed classification.
Bintai Kinden fell into PN17 status in March 2023 after its subsidiary, Optimal Property Management Sdn Bhd, defaulted on RM109 million in financing facilities from MBSB Bank Bhd in connection with the construction of student accommodation.
In June 2023, Kejuruteraan Bintai Kindenko terminated eight contracts with Tenaga, including six awarded between 2021 and 2023 worth a combined RM128.88 million, citing its inability to fulfil contractual obligations.
Three of the terminated contracts were subsequently reinstated in May 2025 following negotiations.
To address its financial difficulties, Bintai Kinden undertook a regularisation plan comprising a private placement, share capital reduction and diversification into construction, before securing Bursa Malaysia's approval to exit PN17 in February this year.
Shares in Bintai Kinden closed up half a sen or 7.14% at 7.5 sen on Tuesday, giving the group a market capitalisation of RM126.29 million.