Chooi is the group executive director and a major shareholder of Signature.
The acquisition would allow Chin Hin to venture into kitchen, home and living solutions as compared to its focus on building materials currently, according to its managing director Chiau Haw Choon.
“Signature Group’s products are not only supplied to property development projects but also directly to consumers through its various retail outlets, which will enable the group to tap into the business-to-consumer segment.
“Synergistic benefits are expected to arise from the acquisition as both the group and Signature are operating in and servicing the same industry, namely the construction and property development industry, ” he said in a statement.
Malaysia's Chin Hin Group Bhd has added another listed company to its portfolio, following the acquisition of a 31.2 per cent stake in Malaysia’s largest kitchen cabinet and wardrobe manufacturer, Signature International Bhd.
Building material maker Chin Hin buys 31 2% stake in Signature International for RM93 6m theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (March 8): Based on corporate announcements and news flow today, companies in focus on Tuesday (March 9) may include: Bintai Kinden Corp Bhd, Chin Hin Group Bhd, Hextar Global Group Bhd, TFP Solutions Bhd, Favelle Favco Bhd, MCE Holdings Bhd, Datasonic Group Bhd, Magni-Tech Industries Bhd and Complete Logistics Services Bhd.
Bintai Kinden Corp Bhd’s wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd has bagged a RM9.78 million contract from Tenaga Nasional Bhd (TNB) to undertake the asset replacement and refurbishment for transformer, earthing transformer and reactor to PMU 275/33 KV Grik.
Chin Hin Group Bhd has acquired a 31.2% stake in kitchen cabinet manufacturer Signature International Bhd for RM93.6 million cash or RM1.17 per share. Chin Hin group managing director Chiau Haw Choon said the acquisition is in line with its objective of acquiring strategic stakes in companies with potential for future growth.