Chin Hin terminates proposed acquisition of two data centre specialists

KUALA LUMPUR: Chin Hin Group Bhd has terminated its proposed acquisition of substantial stakes in two data centre specialist firms — Critical System Specialist Sdn Bhd and CSS Engineering and Construction Sdn Bhd.

In a filing with Bursa Malaysia here today, Chin Hin has entered into a deed of revocation to revoke and rescind the share sale agreement (SSA), which it entered in August last year, with the vendors and the promoter. 

“As such, the proposed acquisitions have been terminated,” the company said in the filing.

In a separate filing, it said the SSA has been revoked and rescinded as both the vendors and the promoters were unable to meet the Conditions for Completion under Appendix I, specifically for the target companies to secure an order book of not less than RM380 million.

On Aug 6 last year, Chin Hin Group announced on the local bourse that it had entered into a conditional SSA with Liew Choon Fui, Teng Bee Ling and Ho John Chan for the acquisition of 65 per cent shares in Critical System Specialist and 65 per cent stake in CSS Engineering, amounted to RM51.5 million. – Bernama