KUALA LUMPUR: Financially troubled Bintai Kinden Corporation Bhd today announced that Tenaga Nasional Berhad (TNB) has terminated eight contracts awarded to its unit Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) due to its inability to continue perform its contractual obligations.
The company said the financial impact of the termination of the contracts is yet to be determined and is subjected to the TNB inspections of progress and assessment of the final account.
"Having considered all aspects, the board is of the opinion that the termination is in the best interest of KBK," The company said.
A Practice Note 17 company, Bintai Kinden has 10 months to submit its regularisation plan.
The company's shares closed unchanged at eight sen.