Conditional MTO by Chin Hin Group closed

In January, Chin Hin received a conditional mandatory takeover offer from Divine Inventions Sdn Bhd for all the remaining shares and warrants it did not own in the company for 30 sen per share and 10 sen per warrant.

PETALING JAYA: The conditional mandatory takeover offer by Chin Hin Group Bhd closed yesterday at 5pm, with total shares held by the offerer and ultimate offerers at 175.12 million shares or a 59.08% stake. It also held 37.03 million shares or a 28.93% stake of its warrants.

The offerer received acceptances of 46.4 million shares or a 15.65% stake based on the 296.41 million shares of the company. Meanwhile for the warrants, it received acceptances of 2.69 million shares or a 2.1% stake of the total outstanding warrants as of the closing date.

In January, Chin Hin received a conditional mandatory takeover offer from Divine Inventions Sdn Bhd for all the remaining shares and warrants it did not own in the company for 30 sen per share and 10 sen per warrant.

The mandatory takeover offer was triggered after Divine, a wholly owned subsidiary of PP Chin Hin Realty Sdn Bhd, acquired a 1.69% stake in CHGP in the open market for 30 sen per share.

Chin Hin’s founder and chairman Datuk Seri Chiau Beng Teik, his son Chiau Haw Choon and wife Datin Seri Wong Mee Leng are the controlling shareholders of Divine Inventions.