Chin Hin boosts stake in Signature International

CHIN Hin Group Bhd has entered into conditional share sale agreements with Teoh Hai Hin and Por Teong Eng for the proposed acquisition of an aggregate 4.77% equity interest in Signature International Berhad (SIB) for RM25.45 million.

Upon completion, Chin Hin’s aggregate shareholding in SIB will increase from 28.72% to 33.49%, triggering a conditional mandatory general offer for the remaining SIB shares at 84 sen per share.

The proposed acquisition is inter-conditional with a proposed bonus issue of 1,770,163,992 new ordinary shares in Chin Hin.

The purchase consideration for the acquisition will be funded internally, while the proposed offer is intended to be funded via bank borrowings.

The proposed acquisition aligns with Chin Hin’s strategy to increase its stake in SIB, enhancing control and potentially consolidating SIB’s financial results.

The company anticipates growth opportunities and improved financial performance for SIB Group. – TMR