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Chasen moves to buy out Malaysian warehouse firm's other shareholder

MAINBOARD-LISTED investment holding company Chasen Holdings has inked a deal to consolidate its ownership of a Malaysian warehouse company, it announced on Thursday.

Chasen is buying the remaining 30 per cent interest in City Zone Express Bonded Warehouse Sdn Bhd for RM375,000 (S$125,600), which the board said is in line with a strategic plan to "enhance its long-term growth of the warehousing business in the Malaysia market".

The transaction is not expected to have any material impact on the group's consolidated net tangible assets and earnings per share for the year to March 31, 2020, it added.

Chasen shares shed 0.1 Singapore cent or 1.32 per cent to S$0.075 on Thursday before the announcement.