CHINHIN

4.360

+0.23 (+5.6%)

OTHERS CHIN HIN GROUP BERHAD ("CHIN HIN" OR "THE COMPANY") PROPOSED LISTING OF ATLANTIC BLUE SDN BHD ("ABSB"), A 45% OWNED ASSOCIATED COMPANY OF CHIN HIN ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("PROPOSED LISTING")

CHIN HIN GROUP BERHAD

Type Announcement
Subject OTHERS
Description
CHIN HIN GROUP BERHAD ("CHIN HIN" OR "THE COMPANY")
PROPOSED LISTING OF ATLANTIC BLUE SDN BHD ("ABSB"), A 45% OWNED ASSOCIATED COMPANY OF CHIN HIN ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("PROPOSED LISTING")

Reference is made to the Company’s announcements made on 15 July 2019 and 17 July 2019, respectively. 

 

The Board of Directors of Chin Hin wishes to announce that: -

 

 

1. FINANCIAL EFFECTS OF THE PROPOSED LISTING

 

1.1      Share Capital

 

The Proposed Listing will not have any effect on the share capital of Chin Hin as the Proposed Listing does not involve any issuance of new ordinary shares of Chin Hin.

 

1.2      Net Assets and Gearing

             

The Proposed Listing is not expected to have material effect on the net assets per share and gearing of Chin Hin.

 

1.3      Earnings and Earnings Per Share (“EPS”)

 

Save for the effect from defrayment of listing expenses or related costs incurred pursuant to the Proposed Listing, the Proposed Listing is not expected to have any material effect on the earnings of Chin Hin for the financial year ending 31 December 2019 (“FYE 2019”).

 

In any event, the earnings contribution from Solarvest Holdings Berhad ("SHB") will be reduced to the extent of the dilution of Chin Hin’s effective equity interest in SHB resulting from the Proposed Listing as illustrated in Section 2 of this Announcement. Accordingly, there will be a corresponding reduction in the earnings and EPS of Chin Hin assuming SHB’s earnings remain unchanged for the FYE 2019.

 

Nonetheless the Board is optimistic that the Proposed Listing will contribute positively to the long-term future earnings of SHB. As such, this will correspondingly contribute positively to the EPS of Chin Hin in the future.

 

1.4      Substantial Shareholders’ Shareholdings

 

The Proposed Listing will not have any effects on the shareholdings of the substantial shareholders of Chin Hin.

          

 

2.        EFFECT OF THE PROPOSED LISTING ON CHIN HIN’S SHAREHOLDING IN SHB

          

The Sale and Purchase Agreement was completed on 15 July 2019, SHB has become a 45.0% owned associated company of Chin Hin whereas SHB owned the entire equity of ABSB. Nonetheless, upon success of the Proposed Listing, Chin Hin’s shareholdings in SHB shall be as follows: -

 

Chin Hin’s equity interest in SHB

Current Shareholding

Upon completion of Proposed Listing*

45.0%

33.6%

 

   NOTE: * based on the total number of issued shares of 390,623,655 shares after initial public offering by SHB pursuant to the Proposed Listing

 

 

 

This announcement is dated 25 November 2019.






Announcement Info

Company Name CHIN HIN GROUP BERHAD
Stock Name CHINHIN
Date Announced 25 Nov 2019
Category General Announcement for PLC
Reference Number GA1-25112019-00032