Kenyalang Property emerges as substantial shareholder in Bintai Kinden

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KUALA LUMPUR(Apr 24): Kenyalang Property Development Sdn Bhd has emerged as a substantial shareholder in Bintai Kinden Corp Bhd, after the former purchased 7 million Bintai Kinden shares through a private placement.

According to Bintai Kinden's Bursa Malaysia filing today, Kenyalang Property now holds a 6.25% stake in the mechanical and electrical engineering services provider after purchasing the private placement shares for a total of RM2.24 million, or at 32 sen apiece, on April 23, 2015.

On Feb 4 this year, Bintai Kinden had proposed a private placement and rights issue exercise to raise funds for working capital, as well as to repay borrowings.

The company had placed out 10 million new shares, representing 9.8% of its issued share capital, to independent third party investors.

Bintai Kinden (fundamental:0.35; valuation:0.9) shares fell 0.5 sen or 1.45% to close at 34 sen today, with a market capitalisation of RM35.15 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)