Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today.
1. The Conditional Movement Control Order for Kuala Lumpur, Selangor, Sabah and several other localities has been extended by another two weeks.
2. Glove stocks were among Bursa Malaysia’s top losers today after Europe launched its mass Covid-19 vaccination drive.
3. Chin Hin Group Bhd is looking to buy a 52% stake in Chin Hin Group Property Bhd from its chairman.
4. Pharmaniaga Bhd reiterated its readiness to distribute the Covid-19 vaccine.
5. The government is imposing provisional anti-dumping duties on imports of cold rolled stainless steel from Indonesia and Vietnam.
The group also announced a bonus issue of 278.19 million shares.
In a bourse filing, Chin Hin announced that it had signed a sale and purchase agreement with Chin Hin executive chairman Beng Teik and his son, who is also Chin Hin managing director, Haw Choon alongside their vehicle Divine Inventions Sdn Bhd to acquire 176.61 million shares or a 51.5% stake in CHGP and 37.65 million or 30.9% of the warrants in CHGP for RM88.86 million.
According to Chin Hin, Divine Inventions controls 116.61 million CHGP shares (equivalent to a 34% stake) and 2.79 million or 2.3% of the warrants in CHGP. Beng Teik himself controls a 15.2% stake in CHGP and 28.6% of CHGP’s warrants. Haw Choon directly controls 7.86 million shares in CHGP.
KUALA LUMPUR (Dec 28): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 29) may include Chin Hin Group Bhd, CN Asia Corp Bhd, Kotra Industries Bhd, Lii Hen Industries Bhd, New Hoong Fatt Holdings Bhd, Kerjaya Prospek Group Bhd, and Apex Equity Holdings Bhd.
Chin Hin Group Bhd plans to acquire a 51.5% stake in Chin Hin Group Property Bhd (CHGP) for RM88.86 million from its chairman Datuk Seri Chiau Beng Teik and his family. It has signed a sale and purchase agreement with Beng Teik, his son Haw Choon, who is also Chin Hin s managing director, and their vehicle Divine Inventions Sdn Bhd to acquire the 176.61 million shares in CHGP, together with 37.65 million or 30.9% of the warrants in CHGP, for RM88.86 million.