BINTAI Kinden Corporation Bhd faces another setback as it terminates two contracts with Tenaga Nasional Bhd (TNB).

The contracts, numbered TNB 2051/2018 and TNB 1379/2018, were terminated due to Bintai’s subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), being unable to fulfill its contractual obligations.

The termination of these contracts follows a series of financial difficulties faced by KBK, including the suspension and termination of its banking facilities by financial institutions, it said in a bourse filing today.

The precise financial impact resulting from the terminations is yet to be determined, as TNB will conduct inspections and assess the final account.

Bintai Kinden believes that the termination is in the best interest of KBK, as the company navigates through the challenging financial landscape.

This development comes after Bintai Kinden previously announced the termination of eight contracts with TNB on June 21 due to KBK’s inability to fulfill its obligations.

Bintai Kinden shares slid half a sen or 6.25% to close at 7.5 sen today, translating to a market capitalisation of RM70 million. – TMR