Oriental Interest Terminates Proposed Acqusition Of Chin Hin Jitra And CHJ Motor

KUALA LUMPUR, Oct 28 (Bernama) -- Property developer Oriental Interest Bhd will not proceed with the proposed RM280 million acquisition of the entire equity interest in Chin Hin (Jitra) Sdn Bhd and CHJ Motor Holdings Sdn Bhd.

In a Bursa Malaysia filing today, Oriental Interest said the company and the vendor, LLSB 1980 Holdings Sdn Bhd, had mutually agreed to terminate, revoke and rescind the conditional share sale and purchase agreement through a termination agreement dated Oct 28, 2026.

It added that the decision followed a reassessment of the company’s business strategies, diversification considerations and the strategic alignment of the proposed acquisitions with its overall business objectives.

“Among other factors, the company took into consideration the longer than anticipated timeframe and additional resources required to fulfil the relevant regulatory, approval and procedural requirements for completion,” said Oriental Interest.

Following the termination, the company said neither party would have any claims against the other arising from the agreement.

“Oriental Interest, through its subsidiaries, remains focused on growing its core property development and general construction businesses, supported by a healthy pipeline of ongoing developments, growing unbilled sales and a sizeable landbank,” it added.

To date, Oriental Interest’s landbank stood at approximately 814.63 hectares of strategically located development land, providing a strong foundation for future projects and long-term earnings visibility.

-- BERNAMA