Chin Hin ups stake in Signature International to 72.18% at close of MGO
The mandatory takeover offer was triggered after Chin Hin acquired a 4.
The mandatory takeover offer was triggered after Chin Hin acquired a 4.
Chiau Haw Loon and Chiau Haw Yew via private entity Enrich Signature Sdn Bhd, bought 23 million Ge-Shen shares from Ge-Shen’s managing director Chan Choong Kong, company filings showed.
YNH's announcement came three months after the group made a delayed announcement relating to a land deal that took place in April 2022, which it had failed to disclose at the material time.
Dawn, KLCC is located less than 385m from KLCC and within sight of the Saloma Bridge, while Aricia Residences is “in the heart of Sungai Besi”.
Chin Hin is to develop a 2,434-unit serviced apartment on the plot, which it estimated will cost about RM575 million.
The mandatory takeover offer was triggered subsequent to Chin Hin’s acquisition of a 4.
Chin Hin said the demand for building materials in Malaysia remains robust, with economic growth expected to normalise in 2024, supported by ongoing major infrastructure projects.
Even with potentially higher debt, Chin Hin said it is an "opportune time" to increase its stake in Signature given the latter’s positive earnings prospects and synergy between the duo going forward.
The gross development cost of the project it plans to build on the plots is about RM792 million.