KUCHING:Shin Yang Group Bhd (SYGroup) has transferred 55 million treasury shares as part payment to the vendors who sold the Toyota dealership business in Sarawak,Sabah and Labuan Terrority to the company last year. T
he vendors are Shin Yang Holdings Sdn Bhd,KTE Motors Sdn Bhd,Ling Chiong Sing and Dwi Bumijaya Sdn Bhd.
Shin Yang Holdings,KTE Motors and Ling had sold their entire 100 per cent interest in Boulevard Jaya Sdn Bhd to SYGroup while Dwi Bumijyaya sold 60 per cent of the equity interest each in Boulevard Motor Sdn Bhd ,Boulevard Motor (Sabah) Sdn Bhd and Boulevard Motor (Labuan) Sdn Bhd to SYGroup for a total RM144.5 million.
SYGroup acquired Boulevard Jaya for RM27.5 million, Boulevard Motor (60%) for RM72.24 million, Boulevard Motor (Sabah) (60%) for RM39.15 million and Boulevard Motor (Labuan) (60%) for RM5.61 million.
The shareholders of Dwi Bumipjaya are Melana Sinar Sdn Bhd,Kemena Sinar Sdn Bhd and Best Megalink Sdn Bhd, each owning 2.5 million shares or 33.33 per cent.
The payment for the deal was to be made via the transfer of 55 million treasury shares in SYGroup worth about RM46.83 million and the balance of about RM97.67 million by cash to the vendors.
Out of the 55 million treasury shares, 22 million were transferred at RM0.852 per share and 33 million shares at RM0.851 per share.
“The average transfer price of RM0.8514 per share was mutually agreed upon by the company and the vendors, based on the terms of the share sale agreement (SSA) dated July 11, 2024, and all subsequent variations thereto.
“For reference, the average transfer price represents a premium of approximately 11.9 per cent over the 5-day volume weighted average market price (VWAP) of RM0.7607 up to September 9, 2025, being the last trading day prior to the transfer of the treasury shares,” SYGroup said in a filing with Bursa Malaysia.
After the transfer of the 55 million shares, SYGroup’s treasury shares were reduced to 23.2 million units out of the company’s total number of issued shares of 1.2 billion units.
SYGroup established a new business segment under automotive for the newly acquired Toyota and Lexus dealership and related business.
The automotive segment has emerged as the largest revenue earner for SYGroup, generating RM882.5 million for the 12 months ended June 30,2025 (FY2025) when group’s total revenue reached RM1.86 billion.
The automotive segment recorded operation profit of RM65.7 million in FY2025.
