Chin Hin disposes of Solarvest shares for RM7m to repay borrowings

KUALA LUMPUR (June 26): Integrated builder Chin Hin Group Bhd has disposed of five million shares in Solarvest Holdings Bhd it held for RM7.04 million or RM1.70 per share, the group said in a bourse filing today.

The shares were sold to Chin Hin’s director and major shareholder Datuk Seri Chiau Beng Teik via an off-market transaction today. Solarvest shares closed the day at RM1.53 per unit.

“The rationale of the disposal is for Chin Hin to unlock and realise its investment in Solarvest. The proceeds from the disposal will be utilised to reduce Chin Hin group’s bank borrowings and strengthen its balance sheet,” it said.

Following this, Chin Hin’s shareholding in Solarvest now stands at 106.31 million shares, representing a 27.21% stake in the latter, from 111.31million shares or 28.49% previously.

The total proceeds will be utilised for the repayment of the group’s subsidiary PP Chin Hin Sdn Bhd’s two bankers’ acceptances totalling RM8.5 million. This will result in total interest savings of RM119,534, it said.

Chin Hin shares closed the day unchanged at 64.5 sen apiece, with 454,000 units done. The group’s market capitalisation stood at RM352.56 million.