Bintai Kinde has informed the Exchange that Tenaga Nasional has issued a notice of termination of the following two contracts awarded to the Company’s subsidiary KBK.
The utility giant cited the termination as due to KBK’s inability to continue performing the contractual obligations which arose from the financial difficulties faced by the subsidiary as a result of its banking facilities being suspended by the financial institutions.
The contract number TNB 2051/2018; and contract No. TNB 1379/2018 were the ones being canceled.
Bintai said the financial impact caused by the termination of the contracts mentioned has yet to be determined as of today and it is subjected to the TNB inspections of progress and assessment of the final account.
