KUALA LUMPUR (Jan 13): Guan Chong Bhd (KL:GCB), the fourth largest cocoa grinder in the world, has signed an agreement to acquire a 25% stake in Ivory Coast-based cocoa manufacturing outfit Transcao Côte d’Ivoire (Transcao CI) for €28.08 million (RM130.1 million) cash.
Guan Chong’s wholly owned GCB Cocoa Singapore Pte Ltd has inked the share sale agreement with Ivorian government cocoa and coffee regulator Conseil Café-Cacao (CCC) for the 25% stake or five million shares in Transcao CI, according to Guan Chong’s bourse filing on Monday.
The price tag comprises deal of €7.62 million for the shares, and an asset contribution of €20.46 million. The stake acquisition will be satisfied by internal funds, which will be partially reimbursed by banking facilities. The deal is expected to be completed by the second quarter of 2025.
Under the terms of the agreement, Guan Chong will own 25% of Transcao CI’s shares, while CCC’s stake will fall to 74.83% from 99.83%. Transcao Negoce will retain the remaining 0.17%.
Source: TheEdge - 14 Jan 2025
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