PETALING JAYA: Chin Hin Group Property Bhd
(CHGP) is proposing to acquire a plot of freehold land located in Kuala Lumpur measuring 10,564 sq metres from YNH Land Sdn Bhd for RM455mil.
In a filing with Bursa Malaysia, CHGP said the acquisition will be satisfied by cash of RM409.5mil, the issuance of 455,000 redeemable preference shares in Chin Hin Property (JSI) Sdn Bhd (CHPJSI) amounting to RM45.5mil and the issuance of 25,000 ordinary shares in CHPJSI at an issue price of RM1 each to the vendor.
CHPJSI is a 70%-owned subsidiary of BKG Development Sdn Bhd, which in turn is a wholly-owned subsidiary of CHGP.
“The proposed acquisition is in line with the group’s growth strategy to increase its landbank, and secure a strategically located freehold development site within KLCC.
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