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PETALING JAYA (April 21): Chin Hin Group Property Bhd (Chin Hin) has concluded its private placement exercise after placing out 64.3 million shares at RM1.15 each, raising approximately RM73.9 million, with the company opting not to seek a further extension upon the lapse of the deadline today.
“The company has decided not to place out the remaining placement shares available for placement. As such, the private placement is deemed completed today,” Chin Hin said in a filing with Bursa Malaysia today. No further detail was given.
Chin Hin first announced the private placement on Feb 29, 2024, targeting the issuance of up to 132 million new shares — representing 20% of its enlarged share base — to raise approximately RM105 million.
The proceeds were earmarked to part-fund two residential joint venture projects with Fiamma Holdings Bhd — Aricia and Dawn — which carry a combined development cost of RM1.06 billion.
The exercise went through three extensions, with deadlines pushed from Oct 2024 to April 2025, then to Oct 2025, and finally to April 21. Only two tranches were completed, issuing 64.3 million shares.
In early April, Chin Hin briefly filed for a fourth extension before abruptly withdrawing the application a day later, citing market uncertainties.
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