Thursday 28 Mar 2024
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KUALA LUMPUR (July 17): Chin Hin Group Bhd said Bursa Malaysia Securities Bhd has approved the proposed listing of its 45%-owned associate Atlantic Blue Sdn Bhd, while Securities Commission Malaysia (SC) had approved in-principle the registration of Solarvest Holdings Bhd's prospectus.

In a filing with the stock exchange today, Chin Hin said the listing is still subject to the registration of the prospectus with SC and lodgement of the prospectus with the Companies Commission of Malaysia.

On July 15, Chin Hin had said Atlantic Blue has proposed a listing on the ACE Market of Bursa Malaysia via a special purpose vehicle, Solarvest Holdings Bhd.

It said 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 on July 14, and Solarvest is now a 45%-owned associate of Chin Hin while Atlantic Blue is now wholly 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.

At 3.17pm, Chin Hin gained 0.63% or 0.5 sen to 80.5 sen for a market capitalisation of RM447.89 million.

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