Chin Hin to list associate Atlantic Blue on ACE Market

PETALING JAYA: Chin Hin Group Bhd announced its plan to list its 45%-owned associate company Atlantic Blue Sdn Bhd (ABSB) on the ACE Market of Bursa Malaysia.

This will be done via its special purpose vehicle Solarvest Holdings Bhd (SHB).

According Chin Hin’s filing with Bursa Malaysia, the proposed listing involves SHB acquiring the entire share capital of ABSB for RM26.26 million.

“The purchase consideration of RM26.26 million is intended to be fully satisfied by issuance of 291.79 million new ordinary shares in SHB at an issue price of approximately 9 sen per share.”

Recall that the vendors of ABSB had on Jan 30, entered into a conditional sale and purchase agreement (SPA) with SHB in respect of the proposed acquisition.

The agreement was completed on July 15 and SHB has become a 45%-owned associate company of Chin Hin.

The proposed listing is subject to approvals from the relevant authorities. Chin said it will make further announcement in relation to the proposed listing, as and when appropriate under the Main Market Listing Requirements of Bursa Securities.