News

Chin Hin associate Atlantic Blue eyes ace market listing

KUALA LUMPUR, July 15 (Bernama) -- Solar energy firm, Atlantic Blue Sdn Bhd (ABSB), a 45 per cent-owned associate company of Chin Hin Group Bhd, has proposed a listing on the ACE Market of Bursa Malaysia via a special purpose vehicle, Solarvest Holdings Bhd (SHB).

As an integral part of the proposed listing, SHB had proposed to acquire the entire share capital of ABSB for a purchase consideration of RM26.26 million, it said in a filing to Bursa Malaysia.

Pursuant to the above, the vendors of ABSB had on Jan 30, 2019, entered into a conditional Sale and Purchase Agreement (SPA) with SHB in respect of the proposed acquisition.

“The purchase consideration of RM26.26 million is intended to be fully satisfied by the issuance of 291.79 million new ordinary shares in SHB at an issue price of approximately nine sen per SHB share.”

The SPA was completed today in accordance with the terms and conditions, and SHB now becomes a 45 per cent-owned associate company of Chin Hin whereas SHB will own the entire equity of ABSB.

Meanwhile, the listing is subject to, amongst others, approvals being obtained from the relevant authorities.

Hence, there is no assurance that such approvals would be granted or that the proposed listing may occur. Therefore, shareholders of Chin Hin should note that the proposed listing may or may not materialise.

Atlantic Blue is a turnkey engineering, procurement and construction solution provider specialising in large-scale solar farming and the provision of best-value solar photovoltaic solutions.

-- BERNAMA

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