KUALA LUMPUR (April 2): Chin Hin Group Property Bhd (KL:CHGP) has abruptly withdrawn its bid to seek for more time to complete its planned private placement to raise RM105 million, just one day after the company filed the application for a six-month extension to finalise the corporate exercise.

The corporate exercise's current deadline falls on April 21. The group had previously put in three requests for more time to complete this private placement. The original deadline for the placement was Oct 23, 2024, which was then extended to April 21, 2025, then to Oct 21, 2025, and later to its current deadline.

In a bourse filing on Thursday, the company said the decision was made after taking into consideration "prevailing market uncertainties and the viability of other funding options".

Nevertheless, the company said it will continue engaging potential investors to complete the fundraising before the April 21 deadline. It will also reassess the optimal timing for any new fundraising initiatives.

Chin Hin Group Property first announced the private placement on Feb 29, 2024, to issue up to 132 million new shares, representing 20% of its enlarged share base. Proceeds raised were earmarked to fund two residential projects, Aricia and Dawn, under a joint venture with Fiamma Holdings Bhd(KL:FIAMMA). The projects have a combined development cost of RM1.06 billion.

The company has so far issued only two tranches totalling 64.3 million shares at RM1.15 each, raising about RM73.9 million.

Shares in Chin Hin Group Property closed unchanged at RM1.06 on Thursday, giving the company a market capitalisation of RM1.47 billion.