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PETALING JAYA (Aug 5): Chin Hin Group Bhd announced the completion of its acquisition of a 50.8% stake in Chin Hin Group Property Bhd (CHGP). This will be the third public listed company to be included in Chin Hin Group, together with Solarvest Holdings Bhd and Signature International Bhd.
According to a statement, Chin Hin Group said: “The acquisition of CHGP will enable Chin Hin Group’s business to diversify into and tap onto the property development sector... This is also [congruent] with Chin Hin Group managing director Chiau Haw Choon’s aspiration of expanding Chin Hin into a diversified conglomerate, instead of being a company that is focusing on one particular business.”
CHGP is currently on an acquisition spree to increase its land bank with an estimated gross development value of RM4 billion. It is also looking to acquire companies in the construction or development-related industry. The latter includes a proposal to acquire a 65% equity interest in construction firm Kayangan Kemas Sdn Bhd, which is a Grade 7 contractor registered with the Construction Industry Development Board.
With CHGP's current efforts and the recovery of the real estate sector, barring any unforeseen circumstances, the management of Chin Hin Group believes that CHGP will record a profit of over RM25 million in the upcoming financial year based on CHGP’s current order book and project pipeline.
Chin Hin Bhd (CHB)’s stake in CHGP will allow the group to consolidate approximately RM12.5 million worth of CHGP’s profit, which will contribute substantially to CHB’s profit base.
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