Chin Hin to invest in solar energy firms

PETALING JAYA: Building material player Chin Hin Group Bhd has entered into a memorandum of understanding to acquire a 45% stake in three solar energy companies – Atlantic Blue Sdn Bhd, Powertrack Sdn Bhd and Solarvest Energy Sdn Bhd for RM24.75 million cash.
Atlantic is 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.
Both Powertrack and Solarvest are associates of Atlantic. They are involved in the engineering, procurement and construction of solar energy.
Chin Hin said in a filing with the stock exchange that the acquisition will further strengthen its involvement in solar power investment business and grant the opportunities to expand this business regionally.
The stock was unchanged at RM1.30 yesterday on some 120,300 shares done, with a market capitalisation of RM657.65 million.