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"This agreement ensures the operational continuity of the student accommodations managed by OPM, while also strengthening our overall financial position and supporting our efforts to uplift from PN17 status,” he added.
the operational continuity is due to repayment to bank with the agreement of rm650k per month until July 2025 and rm700k per month until July 2026. the payment from the melaka uni just enough to repay the bank loans. Bintai would still need to fork out additional rm750k cash during the 21 months duration.
outstanding debts of around 64mil would reduced to 51 mil by July 2026. this is the cash trapped by such outstanding amount and lost opportunity. it didn't resolve the underlying debts which caused bintai to fall under PN17
the arrangement is just to buy additional 21 months time for both parties. the actual outstanding debt is not being resolved. besides, this only works if Melaka uni commits into repaying the stipulated amount plus their concession monthly payment of around rm1.1 mil for the next 21 months.
