Chin Hin Group Berhad completed the acquisition of 51.4% stake in Chin Hin Group Property Berhad ('CHGP') from Divine Inventions Sdn. Bhd. ('Divine'), Datuk Seri Chiau and Chiau Haw Choon
The acquisition is subject to clearance by Bursa Securities of the circular to shareholders to be issued by Chin Hin, approval by shareholders of Chin Hin, any other relevant authorities if required and satisfactory due diligence findings on CHGP by Chin Hin. Board and Audit Committee of Chin Hin is of the opinion that the acquisition is in the best interest of the Chin Hin. As of January 25, 2021, M&A Securities Sdn Bhd announced that the additional listing application for the Proposals has been submitted to Bursa Malaysia Securities Berhad. The acquisition is expected to be completed by the first quarter of year 2021. On May 24, 2021, companies agreed to extend the conditional period of the agreement to June 30, 2021. On June 16, 2021, SC approved the extension of time up to September 23, 2021. On June 28, 2021, M&A Securities wishes to announce that all the conditions precedents in the SPA have been fulfilled, and the SPA has become unconditional on June 28, 2021. On July 26, 2021, On behalf of the Board, M&A Securities wishes to announce that Chin Hin and the Vendors agreed to extend the Completion Period of the SPA to September 28, 2021. Upon completion of the proposed acquisition, Chin Hin will be able to consolidate the financial results of CHGP and the Group expects that it will contribute positively to the long-term future earnings and earnings per share of the Group. Strategic Capital Advisory Sdn. Bhd. and M&A Securities Sdn. Bhd. acted as a financial advisor to Chin Hin.
Chin Hin Group Berhad (KLSE:CHINHIN) completed the acquisition of 51.4% stake in Chin Hin Group Property Berhad (KLSE:CHGP) ('CHGP') from Divine Inventions Sdn. Bhd. ('Divine'), Datuk Seri Chiau and Chiau Haw Choon on August 4, 2021.