Bintai Kinden Corporation Berhad announced that Bursa Malaysia Securities Berhad has granted approval for the Company's Proposed Regularisation Plan thus making a significant step towards achieving upliftment from its Practice Note 17 status.

In a filing the group said the Proposed Regularisation Plan encompasses the issuance of 244 million new shares through a private placement, the issuance of up to 146.4 million shares through the exercise of options under a granting of options scheme, and additional shares amounting to 15.0% of the company's issued shares through an Employees' Share Option Scheme. These measures aim to strengthen BKCB's financial position by raising fresh capital, incentives for key talent, and aligning the company with Bursa Securities' Listing Requirements.

Datuk Tay Chor Han, Managing Director cum CEO of BKCB, expressed his delight about the Proposed Regularisation Plan, stating, "The approval of our Proposed Regularisation Plan is a pivotal moment for BKCB as it allows us to move forward with a clear strategy for financial recovery and growth. This plan strengthens our balance sheet, enhances shareholder value, and provides a foundation for long-term stability. We remain committed to fulfilling the conditions set forth by Bursa Securities and ensuring the successful execution of the plan, with the ultimate goal of achieving upliftment from PN17 status."

The Proposed Regularisation Plan also represents a broader strategic direction for BKCB, enabling the Company to stabilise its financial foundation, retain and motivate key personnel through the ESOS, and meet the public shareholding spread requirement in compliance with Bursa Securities' guidelines. These measures are expected to position BKCB as a stronger, more resilient player in the market while creating sustainable value for its stakeholders.

BKCB and its adviser, Inter-Pacific Securities Sdn. Bhd., are said to be working diligently to implement the plan and ensure adherence to the required conditions. The company said it is confident that this milestone will serve as a stepping stone towards meeting the regulatory requirements for PN17 upliftment and securing its financial future.