Chin Hin Scraps RM74 Mln Stake Sale Over Buyer Financing Snag
KUALA LUMPUR, Jan 15 (Bernama) — Chin Hin Group Property Bhd has cancelled a share sale agreement (SSA) to sell its stake in four companies valued at RM74 million.
This decision was made after the buyer was unable to secure financing from a financial institution to partially fund the acquisition, said the property developer in a Bursa Malaysia filing today.
“The purchaser was not successful in securing a loan from a financial institution for a sum of not less than 70 per cent of the disposal consideration to part-finance the acquisition of the sale shares within the extended completion period, which expired yesterday,” it said.
Chin Hin announced yesterday that the company and the purchaser had mutually agreed to revoke and rescind the SSA.
The companies involved are Boon Koon Vehicles Industries Sdn Bhd, BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd, and BK Fleet Management Sdn Bhd.
-- BERNAMA