Bintai Kinden, Vista Springs in RM350m Malacca development

PETALING JAYA: Bintai Kinden Corp Bhd and Vista Springs Development Sdn Bhd will jointly develop a RM350 million project on 4.744 acres of freehold land in Bachang, Malacca.
In a filing with Bursa Malaysia today, the company said its wholly owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd had entered into a memorandum of understanding (MoU) with Vista Springs to establish a joint venture.
Under the MoU, the parties will combine their skills, experience and resources to develop the land, which is meant for hospitality, residential and/or commercial purposes.
The proposed development is subject to due diligence and feasibility studies, which will be conducted before the parties enter into any binding contract for the development.
The estimated RM350 million gross development value is expected to contribute positively to the future earnings of the group. Bintai Kinden’s share price fell 2.78% to close at 17.5 sen today with a total of 246,000 shares traded, giving it a market capitalisation of RM50.33 million.