Kuala Lumpur News

In the latest installment of Kuala Lumpur news, AmanahRaya REIT announced a long-term tenancy agreement with ALFA International College, enhancing its net property income.
Samaiden launched a RM1.5 billion Sukuk Programme to support capital expenditures and investments. SCIB secured RM70 million in Islamic banking facilities to strengthen their financial operations.
Bintai Kinden secured RM25.68 million in contracts for construction projects in Selangor and LTSAAS. Read more below.

Bintai Kinden Secures Contracts

Bintai Kinden Corporation Berhad (“BKCB”; Bursa: BINTAI, 6998) announced its subsidiary, Kejuruteraan Bintai Kindenko Sdn. Bhd. (“KBK”), has secured two contracts totaling RM25.68 million.
The first contract, worth RM24.98 million, involves constructing semi-detached houses and townhouses in Selangor, with completion expected by mid-2026.
The second contract, valued at RM700,000, covers temporary power supply works at LTSAAS, due by November 2024.
Datuk Tay Chor Han, Managing Director cum CEO of Bintai Kinden, stated, “We are pleased with securing these two contract wins, which are expected to contribute positively to our earnings in the upcoming financial years. These wins demonstrated the positive restructuring of Bintai Group’s operations.”
He added, “Our strong track record of completing projects on schedule played a significant role, and we are hopeful for more contract wins soon. Since our restructuring, we have managed to secure about RM56 million worth of contracts. Our present tender book stands at RM160 million, with our team actively pursuing and hopeful for new tender awards.”
As of 5:00 P.M., 17 July 2024, BKCB’s share price closed at 13.5 sen, with a market capitalisation of RM164.7 million.

AmanahRaya REIT Welcomes ALFA

AmanahRaya Real Estate Investment Trust (“AmanahRaya REIT”) announced a long-term tenancy agreement with ALFA International College Sdn Bhd for its property in Subang Jaya, Selangor.
This follows the expiry of the tenancy agreement with Segi College on 28 February 2024.
The 18-year triple net lease with ALFA will see the college start operations by Q4 2024.
The property, located in Subang Jaya’s commercial district, features a 12-storey purpose-built building for educational use.
YM Tunku Rozita, Managing Director of AmanahRaya REIT, expressed enthusiasm for the partnership, stating, “We are thrilled to welcome ALFA as our new long-term tenant. Their reputation for delivering quality education aligns perfectly with our vision for this property.”
The partnership is expected to enhance AmanahRaya REIT’s net property income and provide a stable income stream with positive rent reversion every three years, benefiting Unitholders.
YM Tunku Rozita added, “We wish to continue to retain the asset as an educational base while exercising asset re-allocation strategies to improve our Distribution Per Unit (DPU) and share price.”
AmanahRaya REIT manages a portfolio of 11 properties across various sectors, including education, office, industrial, retail, hospitality, and wellness.

Samaiden Launches RM1.5 Billion Sukuk

Samaiden Group Berhad (“Samaiden”), a renewable energy specialist, has established a multi-currency Islamic Medium Term Notes (IMTN) Programme of RM1.0 billion and a multi-currency Islamic Commercial Papers (ICP) Programme of RM500.0 million under the Shariah principle of Wakalah bi al-Istithmar.
The Programmes allow Samaiden to issue both rated and unrated Islamic notes and papers, supporting the Group’s capital expenditures, working capital, project investments, asset acquisitions, and refinancing of existing and future Shariah-compliant financings.
Group Managing Director Ir. Chow Pui Hee stated, “The Programmes provide us with the financial flexibility needed to support our upcoming projects and align with our commitment to sustainability and Shariah principles. Additionally, we offer attractive opportunities for Islamic investors to participate in sustainable and ethically aligned investments. The Board of Directors believes that these initiatives are in the best interest of the Company.”
The IMTN Programme has a tenure of 30 years, while the ICP Programme will last 7 years. Both will adhere to Samaiden’s Sustainability Sukuk Framework, rated Gold by RAM Sustainability Sdn Bhd. Hong Leong Investment Bank Berhad is the Principal Adviser, Lead Arranger, Lead Manager, and Facility Agent for the Programmes.

SCIB Secures RM70 Million

Sarawak Consolidated Industries Berhad (“SCIB”) and its subsidiary SCIB Industrialised Building System Sdn. Bhd. (“SIBS”) have secured RM70 million in Islamic banking facilities from SME Bank. The facilities include a RM15 million Kafalah (Bank Guarantee-i) for performance guarantees and a RM55 million Revolving Credit-i for working capital.
Managing Director Ku Chong Hong stated, “Securing these banking facilities marks a pivotal advancement in our financial strategy, enhancing our capacity to support larger projects and manage cash flow more effectively.”
These facilities are expected to strengthen SCIB’s financial operations and project execution capabilities. As of 5:00 P.M. on 18 July 2024, SCIB’s share price closed at RM0.280, with a market capitalization of RM184.4 million.