Chin Hin selling stakes in firms for RM74mil

PETALING JAYA: Chin Hin Group Property Bhd is disposing of its stakes in four companies to N&K Resources (M) Sdn Bhd for RM74mil, to focus on its core business of property development.

In a filing with Bursa Malaysia, Chin Hin said it is disposing of its entire equity interest in Boon Koon Vehicles Industries Sdn Bhd, BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd and BK Fleet Management Sdn Bhd – all of which undertake the company’s commercial vehicles and bodyworks business.

Upon completion of the proposed disposals, Chin Hin said it will no longer be involved in the commercial vehicles and bodyworks businesses and that the financials (of the four disposed of companies) will be de-consolidated from Chin Hin and its subsidiaries.

“The proposed disposals is a strategic decision to enable the company to focus on its core business of property development.”