Chin Hin sells Boon Koon, Nibong Tebal factory for RM62m

Chin Hin Group Property Bhd (CHGP) is selling its commercial vehicle business, including a 10.4-acre freehold factory site in Nibong Tebal, Seberang Perai Selatan, to HSG Sdn Bhd for RM62 million cash. It is a share sale: HSG buys all the shares of four Boon Koon companies. The Nibong Tebal land stays registered in those companies' names, so the titles do not change hands; the owner of the companies does. The share sale agreement was signed on 30 September 2026, and RM60 million of the price is the agreed value of the Nibong Tebal properties. Completion is expected in the fourth quarter of 2026.

What is being sold

• Companies: all the shares of Boon Koon Vehicles Industries Sdn Bhd (with its subsidiary BKGM Industries Sdn Bhd, which builds vehicle bodies and trailers), BKCV Sdn Bhd, Boon Koon Fleet Management Sdn Bhd and BK Fleet Management Sdn Bhd. Between them they make and assemble commercial vehicles, build bodywork, rent out forklifts and heavy equipment, and sell and rent fleet vehicles
• Properties: five freehold lots in Mukim 9, Seberang Perai Selatan (GM975 Lot 1804, GM454 Lot 1808, GM455 Lot 1809, GM456 Lot 1810 and GM1696 Lot 5025) at 1177 Jalan Dato Keramat, 14300 Nibong Tebal. CHGP's 2025 annual report gives the land as 42,007 sq m (about 10.4 acres), with a large single-storey factory, a 3-storey office and a 2-storey sales and marketing office, carried at RM43.73 million at end-2025
• Price split: RM56.4 million for Boon Koon Vehicles Industries and BKGM, RM5.54 million for Boon Koon Fleet Management, RM59,000 for BK Fleet Management and RM1 for BKCV. CHGP says the price is the companies' adjusted net assets of RM2 million at 30 June 2026 plus the RM60 million agreed for the properties
• Results: in 2025 Boon Koon Vehicles Industries lost RM3.79 million on revenue of RM72.73 million. In the eight months to August 2026 the four companies together lost RM4.2 million, and only Boon Koon Fleet Management made a profit

The deal

• Buyer: HSG Sdn Bhd, a holding company incorporated in October 2021 and owned 25% each by Dato' Seri Teoh Hai Hin, Teoh Hai Peng, Dato' Teoh Hai Bim and Teoh Hai Seng. Teoh Hai Hin was group managing director of Bursa-listed Hong Seng Consolidated Bhd until July 2023
• Payment: a RM6.2 million (10%) deposit on signing and the RM55.8 million balance within three months, extendable by two months at 8% a year interest. HSG is paying with cash and bank borrowing
• Terms: CHGP must repay all bank borrowings and discharge the charges over the properties before completion, and keeps the companies' cash. The properties, stock, receivables and payables stay with the companies
• Approvals: none needed from CHGP shareholders or the authorities
• Loss: CHGP expects a loss before tax of about RM7.6 million on the sale
• Proceeds: RM6.2 million to settle inter-company balances, RM100,000 for expenses, and RM55.7 million of working capital for its Kuala Lumpur projects: RM35.7 million for Divine KLCC and RM20 million for Ophira

The numbers

• Per sq ft: RM60 million ÷ about 452,160 sq ft ≈ RM133 psf of land, buildings included
• Against book value: the RM60 million agreed value is 37% above the properties' RM43.73 million carrying amount at end-2025
• Nearby: NAPIC's free Open Sales Data shows no detached factory sales in Nibong Tebal's Mukim 9 for 2024 to 2026. The closest records in Seberang Perai Selatan are much smaller sites: a 1.76-acre detached factory in Kawasan Industri Valdor sold for RM7.15 million in May 2024, about RM93 psf of land, and a 1.07-acre one in Taman Industri Bukit Panchor for RM6.94 million in March 2024, about RM149 psf

CHGP was formerly Boon Koon Group Bhd. In July 2026 it agreed to buy a 2.61-acre freehold site on Jalan Sultan Ismail, Kuala Lumpur, for RM455 million (our report).

*Cover map: EPIQ, via EdgeProp.*