Bintai has announced that together with its wholly-owned subsidiary, Optimal Property Management Sdn Bhd has received a Writ of Summons and Statement of Claim from MBSB Bank Berhad for the default in payment in respect of the Islamic Financing Facility of RM109 million.
The Facility Agreement was secured to finance the construction of on-campus accommodation for Kolej Teknologi Islam Melaka Berhad in accordance with a concession arrangement of 25 years, whereby, Bintai is the corporate guarantor for the Facility.
MBB is claiming the outstanding amount under the Facility up to 6 April 2023 of RM238,521,570.92; Compensation charges of 1% per annum on the amount of RM107,539,566.95 calculated from 7 April 2023 until the date of judgment, whichever is earlier.
Compensation charges at a rate to be determined by the Islamic financial institution or Central Bank of Malaysia in the amount of RM107,539,566.95 calculated from the maturity date of the Facility or from the date of judgment (whichever is earlier), until the date of full and final settlement;
5% interest on the sum of award ordered by the court from the date of judgment to the date of full and final settlement;
It is also noted that rebates will only be given in the early settlement.
As a result of the default, Bursa Securities recently listes Bintai Kinden as a PN17 company.
