This article first appeared in The Edge Financial Daily on July 16, 2019

KUALA LUMPUR: Atlantic Blue Sdn Bhd, a 45%-owned associate of Chin Hin Group Bhd, has proposed a listing on the ACE Market of Bursa Malaysia via a special purpose vehicle, Solarvest Holdings Bhd.

Solarvest on Jan 30 entered into a conditional sale and purchase agreement (SPA) to acquire the entire stake in Atlantic Blue for RM26.26 million, which will be satisfied via the issuance of 291.79 million new shares in Solarvest at nine sen apiece. The SPA was completed yesterday, and Solarvest is now a 45%-owned associate of Chin Hin while Atlantic Blue is now 100% owned by Solarvest.

“Meanwhile, the proposed listing is subject to, among others, approvals being obtained from the relevant authorities. There is no assurance that such approvals would be granted or that the proposed listing may occur.

“Therefore, shareholders of Chin Hin should note that the proposed listing may or may not materialise,” said the group.

In February, Solarvest issued a prospectus for a proposed initial public offering (IPO) of 98.83 million new shares, to fund its expansion locally and overseas.

However, the IPO has yet to materialise.