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as of 31st Dec 2023, term loan with MBSB was RM118.5 mil and KTIMB owing OPM RM58.6 mil. Concessions period remaining around 17 years with annual fee of around RM13.1 mil, subject to 5 years review of not less than 13% adjustment to the annual fee. As per 31st Dec 2023, concession receivables value at RM114.3 mil. Any offered below rm290 mil for 100% stake in OPM would result in losses to Bintai.
I don't think KTIMB would have such financial strength to acquire OPM with RM290 mil cash. most probably they may swap with Melaka Gov lands and takeover the outstanding loans with MBSB. Imagine if they offer a rm200 mil lands swap, would it help Bintai? Bintai would still face cash flow and operational expenses challenges. You can't liquidate land easily for cash.
