PETALING JAYA (Sept 22): Oriental Interest Bhd has submitted a letter to Bursa Malaysia Securities to withdraw its listing application and draft shareholder circular for its proposed RM280 million acquisition of two motorcycle-related businesses.

In a Bursa Malaysia filing on Tuesday (Sept 22), the property developer said the withdrawal was to facilitate “essential updates” to the documents submitted on Aug 18. It did not specify the updates or say when it might resubmit the documents.

The proposed acquisitions, announced on July 27, involve the purchase of the entire equity interests in Chin Hin (Jitra) Sdn Bhd and CHJ Motor Holdings Sdn Bhd from LLSB 1980 Holdings Sdn Bhd. Chin Hin (Jitra) is involved in motorcycle financing, while the CHJ Motor group is involved in motorcycle retail and related activities.

OIB proposed to satisfy the RM280 million consideration through the issuance of 76,923,077 new ordinary shares at RM1.30 each and 180 million redeemable non-convertible preference shares at RM1 each. It also proposed amendments to its constitution to facilitate the preference share issuance.

The proposed acquisitions are related-party transactions and require approval from OIB’s non-interested shareholders.

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