Chin Hin Property JV firm repays remaining RM35.4m to Fiamma

PETALING JAYA (Sept 28): Chin Hin Group Property Bhd (CHGP) said Sinaran Urusjuta Sdn Bhd (SUSB), the project company for its proposed joint venture (JV) with Fiamma Holdings Bhd (FHB), repaid the remaining RM35.4 million settlement amount to FHB on Sept 25.

In a Bursa Malaysia filing on Monday (Sept 28), CHGP said the payment was made in accordance with the parties’ shareholders’ agreement.

The payment came four days after CHGP’s wholly owned subsidiary BKG Development Sdn Bhd, FHB and SUSB agreed to extend the repayment deadline for the outstanding RM35.4 million by one month, from Sept 21 to Oct 21. CHGP had said in its Sept 21 announcement that RM110.7 million forming part of the settlement amount had been paid to FHB.

Under the proposed joint venture, BKG Development is to subscribe for a 70% stake in SUSB, the project company for a proposed mixed commercial development in Kuala Lumpur.

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