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Chin Hin to Buy 45% Stakes in Three Solar Power Firms

KUALA LUMPUR: Building materials distributor Chin Hin Group Bhd has proposed the acquisition of 45% stakes in three companies for RM24.8 million to boost its involvement in the solar power investment business.

In a filing with Bursa Malaysia, Chin Hin said the proposed acquisitions would also grant the group opportunities to expand its solar power investment business regionally to tropical countries.

The group yesterday entered into a memorandum of understanding with the shareholders of the three companies — Atlantic Blue Sdn Bhd, Powertrack Sdn Bhd and Solarvest Energy Sdn Bhd — to undertake the acquisitions.

The shareholders include Tan Chyi Boon, Lim Chin Siu, Tan Paw Boon and Chong Chun Shiong.

Atlantic is principally involved in the installation of equipment for generation of electricity by way of solar power energy, the sale of electricity through solar generation and property investment holdings.

Powertrack and Solarvest are associate companies of Atlantic, and are principally involved in the engineering, procurement and construction of solar energy.

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