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probably Bintai would initiate a legal case again if it got postponed as the original deadline was set on 31st March as per the EISP agreed back in Dec 2024. This negotiation has been dragged on for years.
with all the interest bearing, it is estimated the current outstanding debt owed to bintai is around rm50 mil and yet UIMB is dragging and asking for extension to negotiate with now deadline set by 31 July 2026.
don't forget that the uimb was the core reason why Bintai fell into PN17 in 2023 even with melaka gov as the guarantor of the project and the MB office failed to cover the shortfall of UIMB payments for years and accumulated the debt until rm60 mil. the recent EISP only have settled rm13.5 mil.
after 4 years since using the fortune gained during COVID time from the glove industry, the company has since diversified into this ready mix concrete biz. now, after years of consolidation, it seems to start to deliver its results while the moulding biz is sunsetting. I wonder if esceramic would eventually wind down the moulding biz and focus on this new business.
14 quarters of continuous losses all thanks to US investment and also personal divorce case. both ex husband n ex wife are no longer in running the biz but trying to bring down each other. best if Stanley Thai resign from his position and focus on his divorce case and let the professionals to manage.
pending the settlement of the debts of UIMB. next catalyst would be Melaka election which could happen anytime after the Johor and N9 election. if BN wins big, for sure Melaka UMNO would have the confidence to dissolve their state assembly and call for election.
it could remain as value in the books. not that the shareholders would be rewarded via the US listing with special dividends. Probably the capital raise with US IPO could be used to par down some debts and also reinvested in more US assets or business especially for the development of NY casino. in the mid to long run, it still remains with how the market value GenT. book value such as NTA just remain as accounting number. just see the NTA now and how the market value it with huge discount
