Chin Hin Group Property Bhd has called off the RM74 million sale of its commercial vehicle and bodyworks businesses after the buyer was unable to secure financing, delaying the company’s plan to concentrate fully on property development.
In a Bursa Malaysia filing on Thursday, the group said it had mutually agreed with N&K Resources (M) Sdn Bhd to terminate the share sale agreement dated Aug 14, 2025, after the buyer failed to obtain bank financing covering at least 70% of the disposal price by the extended deadline of Jan 14. N&K Resources is a real estate company owned by All Trade Resources (Malaysia) Sdn Bhd.
Chin Hin had intended to divest its entire equity stakes in four subsidiaries: Boon Koon Vehicles Industries Sdn Bhd, BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd, and BK Fleet Management Sdn Bhd.
The company said it will refund the RM7.4 million deposit paid by the buyer, without interest, and confirmed that both parties will have no further obligations under the agreement.
Chin Hin Property added that the cancellation will not affect its issued share capital or have any material impact on its net assets, gearing, or earnings for the financial year ended Dec 31, 2025.
The divestment, initially announced in August 2025, was aimed at enabling the group to focus on residential property projects, strengthen cash flow, and redeploy proceeds for landbank acquisitions and ongoing developments. The sale was expected to generate a pre-tax gain of RM2.4 million and was targeted for completion in the first quarter of 2026.
Shares of Chin Hin Property closed up one sen, or 0.85%, at RM1.18 on Thursday, giving the group a market value of about RM1.64 billion. The stock has gained more than 7% over the past year.
