MULTIPLE PROPOSALS CHIN HIN GROUP PROPERTY BERHAD ("CHGP" OR THE "COMPANY") (I) PROPOSED ACQUISITION OF 45% EQUITY INTEREST IN AIMA CONSTRUCTION SDN BHD FOR A PURCHASE CONSIDERATION OF RM31.50 MILLION, SUBJECT TO ADJUSTMENT, TO BE SATISFIED VIA THE ISSUANCE OF NEW ORDINARY SHARES IN CHGP ("PROPOSED ACQUISITION"); AND (II) PROPOSED DIVERSIFICATION INTO CONSTRUCTION BUSINESS ("PROPOSED DIVERSIFICATION") (COLLECTIVELY, REFERRED AS THE "PROPOSALS")
| CHIN HIN GROUP PROPERTY BERHAD |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | CHIN HIN GROUP PROPERTY BERHAD ("CHGP" OR THE "COMPANY")
(I) PROPOSED ACQUISITION OF 45% EQUITY INTEREST IN AIMA CONSTRUCTION SDN BHD FOR A PURCHASE CONSIDERATION OF RM31.50 MILLION, SUBJECT TO ADJUSTMENT, TO BE SATISFIED VIA THE ISSUANCE OF NEW ORDINARY SHARES IN CHGP ("PROPOSED ACQUISITION"); AND
(II) PROPOSED DIVERSIFICATION INTO CONSTRUCTION BUSINESS ("PROPOSED DIVERSIFICATION")
(COLLECTIVELY, REFERRED AS THE "PROPOSALS") |
|
Unless otherwise stated, all abbreviations used herein shall have the same meanings as those stated in the announcement dated 10 March 2021 in relation to the above matter (“Announcement”)
M&A Securities, on behalf of the Board wishes to announce the following additional information in relation to the termination of the Proposals:
1. Reason of termination
The SSA has been rescinded as both CHGP and Aima were unable to mutually agreed to the adjustments to the Purchase Consideration.
2. Impact on the termination of the Proposals on the Group’s financial and business operations
The termination of the Proposals has no impact on the Group’s financial and business.
3. Compensation on termination
There is no compensation for the termination as upon the rescission of the SSA, the SSA shall cease to have any effect and CHGP and Aima shall have no claims under it against each other.
This announcement is dated 6 July 2021. |
|
Announcement Info
| Company Name | CHIN HIN GROUP PROPERTY BERHAD |
| Stock Name | CHGP |
| Date Announced | 06 Jul 2021 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06072021-00094 |