Chin Hin sells Metex Steel for RM70mil to streamline business
In a filing with Bursa Malaysia, CHGB said MSSB's principal activities are manufacturing and sales of steel welded mesh and wire products.
'The proposed disposal provides an opportunity for the company to unlock and monetise its investment in MSSB.
'The proposed disposal is intended to streamline and re-organise the business activities of the company and it is expected to improve the cash flows of the company.'
CHGB said the proceeds from the proposed disposal will be utilised to support the group's working capital requirements, finance its business expansion initiatives, and to be channelled into other business activities that are anticipated to be more promising.
CHGB's core businesses include building materials, property development, construction engineering and home and living.
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