Guan Chong Bhd, the Malaysian cocoa processor pursuing a secondary listing in Singapore, is considering selling a stake to another company instead, said four people with knowledge of the matter.
The Pasir Gudang, Johor-based company has been approached by suitors, one of the people said, asking not to be identified as the deliberations are private. Guan Chong will probably scrap the planned share sale in Singapore if it reaches a deal, the person said, without identifying potential buyers.
Guan Chong shares have jumped 11 percent in Kuala Lumpur trading since April 9, when the company said it planned to sell stock in Singapore, bringing its market value to RM988 million (US$310 million). Guan Chong is seeking to sell a stake of 20 percent to 30 percent to fund expansion, the person said.
Chief Executive Officer Tay Hoe Lian is traveling and unavailable to comment, said a person who answered the phone at the company's head office yesterday. He didn't immediately respond to an e-mail seeking comment.
The company plans to increase its production capacity and sees acquisitions and overseas expansion as key sources of growth, according to a prospectus filed with the Monetary Authority of Singapore on June 28.
Guan Chong, which counts Mars Inc and South Korea's Lotte Group among its customers, reported net income of RM31.3 million for the quarter ending March 31, up from RM30.1 million a year earlier. -- Bloomberg
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 3325 views | 3 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
cytew
good news !!!!
2012-07-13 14:05