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- Chin Hin said it sold 44.12 million Signature shares between July 25 and Dec 9 as part of its capital management strategy to unlock value and reallocate funds towards strategic priorities. Proceeds from the disposals will be used as working capital.
KUALA LUMPUR (Dec 10): Chin Hin Group Bhd (KL:CHINHIN) has sold a 6.83% stake in subsidiary Signature International Bhd (KL:SIGN) for RM59.99 million over the past four months, from which it netted a disposal gain of RM34.18 million.
In a bourse filing, Chin Hin said it sold 44.12 million Signature shares between July 25 and Dec 9 as part of its capital management strategy to unlock value and reallocate funds towards strategic priorities. Proceeds from the disposals will be used as working capital.
The disposals, which reduced its stake in the kitchen cabinet maker from 70.52% to 63.69%, were executed at an average price of RM1.36 per share.
During the disposal period, Signature’s shares traded between RM1.34 and RM1.46. Chin Hinn's cost of investment for the shares, acquired between March 8, 2021, and May 7, 2024, came to RM25.81 million.
At Wednesday’s close, Chin Hin shares rose two sen or 1% to RM2.08, giving the group a market capitalisation of RM7.36 billion. Year to date, the stock has fallen 12.6%.
Signature’s shares, meanwhile, slipped three sen or 2.1% to RM1.42 on Wednesday, valuing the company at RM916.61 million. Signature has declined 3.4% year to date.
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