KUALA LUMPUR: Chin Hin Group Bhd has entered into a sale and purchase agreement with Datuk Seri Chiau Beng Teik, Chiau Haw Choon and Divine Inventions Sdn Bhd involving 176.61 million ordinary shares in Chin Hin Group Property Bhd (CHGP). The proposed acquisition is deemed a related party transaction with the shares representing 51.5 per cent equity interest and 37.56 million warrants in CHGP worth RM88.86 million. Chin Hin has also proposed to undertake a bonus issue of up to 278.194 million new ordinary shares on the basis of one bonus share for every two ordinary shares in Chin Hin held at an entitlement date to be determined later. In a filing with Bursa Malaysia today, the company said after the acquisition is completed, Chin Hin will be obliged to undertake a mandatory take-over offer for all the remaining CHGP shares and CHGP warrants not already owned by Chin Hin and parties acting in concert with it. "The acquisition is in line with the group’s objective of acquiring strategic stakes in companies with potential for future growth. CHGP and its subsidiaries are mainly involved in assembly and sales of commercial vehicles and property development. "The profits recorded from its property development segment has increased since its expansion into the property development market in 2017, from RM2.6 million in financial year ended March 31, 2018 (FY18) to RM4.4 million in FY20," it said. It said the acquisition also represents a strategic opportunity for the group to expand into the property development segment which is complementary to the group’s existing business in building materials, and is expected to increase the profitability and strengthen the financial position of Chin Hin. Meanwhile, the proposed bonus Issue will increase the number of Chin Hin shares but will not increase the value of issued share capital of Chin Hin, the company said in the filing. - Bernama
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