Chin Hin Group Property Berhad (KLSE:CHGP) entered into a conditional share sale agreement to acquire 65% stake in Kayangan Kemas Sdn Bhd from Chan Kin Keong and Khor Chee Yong for MYR 38 million on July 5, 2021. The purchase consideration of MYR 37.95 million, subject to adjustment, which will be satisfied via cash of MYR 29.15 million and allotment and issuance of 11 million new ordinary shares in CHGP at an issue price of RM0.80 per Consideration Share pursuant to a conditional share sale agreement. CHGP shall pay cash of MYR 3.8 million to the stakeholder upon signing of the share sale agreement. The balance sum shall be satisfied on the completion date by: (a) cash payment of MYR 25.35 million; (b) the allotment and issuance of the consideration shares and the credit of the consideration shares into the Vendors? accounts established by Bursa Malaysia Depository Sdn Bhd to satisfy the balance sum of MYR 8.8 million. Chan Kin Keong is selling 6 million of its share, i.e. 60% stake in Kayangan Kemas and Khor Chee Yong is selling 0.5 million of its share, i.e., 5% stake in Kayangan Kemas. After the transaction, Chan Kin Keong will held 30% stake and Khor Chee Yong will held 5% stake in Kayangan Kemas. The cash portion of the purchase consideration is expected to be funded via internally-generated funds, fund raising exercise, and/or combinations of which the proportions will be determined later after taking into consideration CHGP group?s gearing level, interest costs and cash reserves. CHGP expects to fund at least 70.0% of the cash portion of the Purchase Consideration via bank borrowings and the remaining via internally generated funds. Kayangan Kemas generated revenue of MYR 88.5 million, and Profit after tax of MYR 5.7 million in 2020. Kayangan Kemas shareholders' fund was MYR 53.6 million in 2020. The share sale agreement is subject to satisfactory legal, financial and/or business due diligence findings on Kayangan by CHGP, the Vendors having completed the shareholding reorganization, approval of Bursa Securities for the listing and quotation of consideration shares, approval of the shareholders of CHGP at a general meeting for the implementation of share sale agreement, including the issuance and allotment of the consideration shares and crediting of the consideration shares to CHGP, consent and/or approval from the existing financier of Kayangan in relation to the change in control of Kayangan, and the Vendors and Kayangan having agreed on the terms of a management services agreement subject to CHGP?s approval. As of August 18, 2021, an application for extension of time up to submit the additional listing application and the draft circular for the proposals had been submitted to Bursa Securities. a listed issuer is required to submit the draft circular in relation to the Proposals to Bursa Securities, not later than two months from the date of announcement (i.e. by September 5, 2021). M&A Securities Sdn Bhd, on behalf of the Board of CHGP wishes to announce that Bursa Securities had on August 24, 2021, approved the extension of time up to November 4, 2021, to submit the additional listing application and the draft circular for the Proposals. M&A Securities Sdn Bhd acted as financial advisor to CHGP. As of September 15, 2021, M&A Securities Sdn Bhd has submitted additional listing application and draft circular for the Proposals to Bursa Malaysia Securities Berhad for the transaction. As of October 12, 2021 Bursa Securities approved in-principle the listing of and quotation for the Consideration Shares on the Main Market of Bursa Securities. Chin Hin Group Property Berhad (KLSE:CHGP) acquired 65% stake in Kayangan Kemas Sdn Bhd from Chan Kin Keong and Khor Chee Yong on November 18, 2021. The conditions precedent of the share sale agreement have been fulfilled.