|COVID–19 NEWS||COVID: Rise in new infections, drop in death cases last week - Health DG | South Korea’s COVID-19 vaccine candidate inches closer to launch after experts' approval Recommendation | More than 16 million adults in Malaysia given the COVID -19 booster dose | Lebanon faces new wave of COVID-19: Ministry | Malaysia, India agree on mutual recognition of COVID-19 vaccination certificates ||
KUALA LUMPUR, May 17 (Bernama) -- Chin Hin Group Bhd plans to dispose of 19.34 per cent stake in Solarvest Holdings Bhd to Divine Inventions for RM103.28 million.
In a filing with Bursa Malaysia today, Chin Hin said the stake sale represented all of Solarvest shares held by Chin Hin.
“The parties shall complete the sale and purchase within one month from the unconditional date or such further period to be agreed by the parties,” it said.
The company also proposes to utilise RM102.72 million of the proceeds to repay part of the existing bank borrowings of Chin Hin and its subsidiaries, which amounted to RM790.89 million as at Dec 31, 2021.
On the rationale of the disposal, Chin Hin said the proposed disposal provides an avenue for the group to monetise its investment in Solarvest.
“The group will be able to utilise the RM103.28 million to repay its bank borrowings which will reduce the group’s gearing level and improve the group’s financial position with the enhancement of its current ratio and improve the group’s cash flow due to the lower interest expense,” it added.
Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial