KUALA LUMPUR (Sept 22): Property developer Oriental Interest Bhd (KL:OIB) has applied to withdraw its draft circular and listing application filed more than a month ago for its proposed RM280 million share‑based related party acquisition that would have marked its entry into the motorcycle financing and retail business.
In a Bursa Malaysia filing on Tuesday, the company said it had submitted a letter to the regulator to withdraw the documents filed on Aug 18 to facilitate essential updates to the documents.
It did not elaborate further, save to state that the board of directors of the company will update any future developments in relation to the proposals.
The proposal, first announced in July, involved acquiring Chin Hin (Jitra) Sdn Bhd and CHJ Motor Holdings Sdn Bhd from companies linked to its controlling shareholder, LK Labuan Foundation.
Oriental Interest signed a conditional share agreement with LLSB 1980 Holdings Sdn Bhd to acquire 100% of Chin Hin (Jitra) and CHJ Motor, which will be fully paid through the issuance of 76.92 million new shares at RM1.30 each and 180 million redeemable non-convertible preference shares at RM1 each.
Chin Hin (Jitra) operates a motorcycle hire purchase and money lending business, while CHJ Motor owns a group of companies engaged in motorcycle sales, spare parts distribution, repair services, and insurance agency activities.
LK Labuan Foundation currently owns a 66.24% interest in Oriental Interest through its stakes in LLSB (5.08%) and LKFO Sdn Bhd (57.81%).
The proposed acquisitions will cut LKFO’s stake to 51.37% and increase LLSB’s interest to 15.65%, raising LK Labuan Foundation’s stake in Oriental Interest to 70%.
Oriental Interest's net profit for the third quarter ended May 31, 2026 (3QFY2026) fell 31% to RM25.6 million from RM45.5 million, while revenue dropped 41% to RM179.4 million from RM305.3 due to lower progress billings from its property development business.
As at end-May, the company had RM628.71 million in unbilled property sales and 1,996 acres of land for future development.
Shares of Oriental Interest were down two sen or 1.6% at RM1.23 at Tuesday’s market close, valuing the group at RM754.8 million. Year to date, the stock is down 3.91%.