Chin Hin Group Bhd has trimmed its stake in clean energy special

KUALA LUMPUR (March 3): Chin Hin Group Bhd has trimmed its stake in clean energy specialist Solarvest Holdings Bhd to 24.27%, from 27.5%. The 3.23% stake, comprising 21.54 million shares, were sold for a total of RM20.4 million, Chin Hin said in a bourse filing. Of the shares, 7.03 million (1.05% stake) were sold for RM6.73 million on the open market, and another 10 million shares (1.5% stake) were sold for RM9.5 million via a direct business transaction. The two transactions took place on March 1. Another 4.51 million shares (0.68% stake) were disposed of for RM4.17 million via the open market on Wednesday (March 2). Meanwhile, Chin Hin said it had also disposed of its entire 3.39% holding (5.37 million units) of Solarvest Warrant A for RM2.72 million on the open market on Dec 17, 2021. The group said the sale of the shares and warrants was aimed at realising its investment. The disposal proceeds will be channeled back to the group’s fund, which will be used for future expansion, Chin Hin added. The group's business portfolio encompasses five core divisions — Building Materials, Property Development, Construction, Home & Living, and Solar Energy. Chin Hin’s share price closed up two sen or 0.74% at RM2.71 on Thursday (March 3) for a market capitalisation of RM2.4 billion. Solarvest was two sen or 2.27% lower at 86 sen, valuing the group at RM571.01 million.

Source: TheStar