Chin Hin to divest commercial vehicle units to N&K Resources for RM74mil
CHGP said the target companies are Boon Koon Vehicles Industries Sdn Bhd (25 million ordinary shares), BKCV Sdn Bhd (2 million ordinary shares), Boon Koon Fleet Management Sdn Bhd (4 million ordinary shares) and BK Fleet Management Sdn Bhd (2.5 million ordinary shares).
"The target companies presently undertake CHGP's commercial vehicles and bodyworks segment. As such, upon completion of the disposals, CHGP will no longer be involved in the commercial vehicles and bodyworks businesses.
"Besides, the financials of the target companies will be de-consolidated from the CHGP and its subsidiaries,' it said in a filing with Bursa Malaysia today.
In a statement, CHGP said the disposal is expected to generate a divestment gain of RM862,000.
Group chief executive officer of CHGP's property development division Chang Tze Yoong said the RM74 million cash proceeds will provide the company with stronger financial flexibility to accelerate its property development plans.
"These funds will be deployed not only for strategic landbank acquisitions in high-growth locations such as Klang Valley, but also to support ongoing projects and other growth opportunities.
"At the same time, this transaction will strengthen our cash position, improve liquidity, and enhance the overall financial resilience of the group,' he said.
With the disposal, CHGP will concentrate exclusively on residential property development, focusing on delivering high-quality housing that meets market needs.
This strategic shift aligns with the CHGP's long-term vision of delivering sustainable value through projects in prime locations, supported by prudent financial management and strong governance practices. - Bernama
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