Guan Chong Bhd shareholders have approved the company’s plan for a secondary listing in Singapore at an EGM, shareholders also gave the nod to a proposed 1-for-2 bonus issue of up to 205.2 million new Guan Chong shares

Guan Chong Bhd shareholders have approved the company’s plan for a secondary listing in Singapore at an EGM.

Guan Chong said in a statement the greenlight concluded all the necessary approvals needed from the relevant stakeholders in both Malaysia and Singapore.

“This paves the way for the group to continue to the next agenda on its Singapore listing timeline, the launching of its initial public offering (IPO) prospectus,” it said.

Managing director and chief executive officer Brandon Tay Hoe Lian said the details on the launch of the IPO prospectus were now being finalised. “We will make the necessary announcement at the appropriate time,” he said.

Guan Chong’s secondary listing on the SGX-ST involves a public offering of up to 62 million ordinary shares, comprising 31 million new shares and 31 million vendor shares to be offered by certain existing shareholders.

Shareholders also gave the nod to a proposed 1-for-2 bonus issue of up to 205.2 million new Guan Chong shares.

The company said upon completion of both the listing and bonus issue, it would see its share capital rising to RM131.5mil. — Bernama

Source: www.thestar.com.my

Cocoa processor Guan Chong Bhd's total annual capacity rose to 200,000 metric tonnes after commissioning second production line at its Batam Plant

Guan Chong Bhd, one of the leading cocoa processors in the region, has commissioned a second production line at its plant in Batam, which takes the group's total annual capacity to 200,000 metric tonnes.

It said the new 60,000 metric tonnes line brings the Batam facility's yearly output to 120,000 metric tonnes.

The company also has a cocoa grinding plant in Pasir Gudang which is capable of producing up to 80,000 metric tonnes a year.

Managing Director and Chief Executive Officer Brandon Tay Hoe Lian said commissioning of the second production line marked a new corporate milestone for the group.

"With the commissioning of the second line in Batam, our new total annual cocoa grinding capacity will consolidate our position as one of the regional leaders in this industry," he said in a statement.

Aside from cocoa grinding facilities, the new line would also provide powder pulverising and butter deodorising capabilities, he said.

The company had invested RM70 million capital expenditure in the second line and to upgrade Batam plant's facilities, he added.

-- BERNAMA

Source: www.btimes.com.my