PETALING JAYA: Chin Hin Group Property Bhd
(CHGP) is proposing to dispose of its stakes in four companies that undertake its commercial vehicles and bodyworks business, to HSG Sdn Bhd for RM62mil.
In a filing with Bursa Malaysia, CHGP said it is disposing of its stakes in Boon Koon Vehicles Industries Sdn Bhd, BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd and BK Fleet Management Sdn Bhd.
“Upon completion of the proposed disposals, the company will no longer be involved in the commercial vehicles and bodyworks businesses, and the financial results of the target companies will cease to be consolidated into the financial statements of the company and its subsidiaries.
“The proposed disposals are a strategic decision to enable the company to focus on its core business of property development. It allows the company to realise the value of its investment, streamlines its operations and enhances financial flexibility, positioning the company for greater efficiency and focus on its core segment.”
