Chin Hin Property exits commercial vehicle business for RM62mil
KUALA LUMPUR: Chin Hin Group Property Bhd (CHGP) is exiting the commercial vehicle and bodyworks business through the proposed disposal of its entire equity interests in four wholly owned subsidiaries to HSG Sdn Bhd for RM62 million cash.
Chin Hin Group Property Bhd is selling its commercial vehicle and bodyworks division for RM62 million to HSG Sdn Bhd, according to a filing with Bursa Malaysia. The company will no longer be involved in this business, and the financial results of the four subsidiaries will no longer be included in CHGP's statements. The decision is strategic, aiming to focus on the core property development business.
The RM62 million price considers the adjusted net asset value of the subsidiaries and the value of five properties in Nibong Tebal and Seberang Perai. A loss of about RM7.6 million is expected due to the disposals. The share sale agreement may be cancelled if conditions aren't met, but CHGP and HSG will try to complete it by the end of 2026.
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