This article first appeared in The Edge Financial Daily on March 6, 2020 - March 12, 2020
KUALA LUMPUR: Chin Hin Group Property Bhd’s (CHGP) non-independent and non-executive chairman Datuk Seri Chiau Beng Teik and his family now control 59.08% of CHGP following the close of a mandatory general offer (MGO) the family triggered last month after raising their stake in the company.
The MGO was made via Divine Inventions Sdn Bhd, a subsidiary of PP Chin Hin Realty Sdn Bhd, owned by Beng Teik, his wife Datin Seri Wong Mee Leng and their son and executive director Chiau Haw Choon.
It entailed an offer of 30 sen per share for the remaining shares the Chiau family did not own, and a 10 sen per share price for the warrants they did not hold.
According to CHGP’s stock exchange filing yesterday, Divine Inventions managed to acquire an additional 46.39 million shares representing a 15.65% stake from the MGO, which was extended after the Chiaus’ holding rose to 37.59% from 31.39% following a series of acquisitions in January.
The Chiaus now also control 28.93% of CHGP’s warrants – up from 26.83%.
In extending the MGO, the Chiaus said they intend to maintain CHGP’s listing status on the Main Market of Bursa Securities. CHGP’s shares closed unchanged at 30 sen yesterday, valuing the company at RM88.92 million.