31-07-2025
Chin Hin sells steel welded mesh firm for RM70mil
PETALING JAYA: Chin Hin Group Bhd is disposing of its entire equity interest in Metex Steel Sdn Bhd (MSSB) to EC Excel Wire Sdn Bhd for RM70mil.
In a filing with Bursa Malaysia, Chin Hin 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.'
Chin Hin 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.
Chin Hin's core businesses include building materials, property development, construction engineering and home and living.
For its first quarter ended March 31, 2025, Chin Hin's net profit rose to RM18.36mil from RM9.07mil in the previous corresponding period, while revenue grew to RM951.95mil from RM570.21mil a year earlier.
In its notes on its first-quarter results, Chin Hin said it remains optimistic about sustaining steady growth in the coming quarters.
'This momentum is expected to further strengthen our financial position and reinforce our market presence, enabling us to navigate challenges and capitalise on emerging opportunities.'
