Subscription of shares in GCB Gourmet Sdn Bhd (“GCBG”)

Description Guan Chong Berhad (“GCB” or “the Company”)
Subscription of shares in GCB Gourmet Sdn Bhd (“GCBG”)
The Board of Directors of Guan Chong Berhad (“GCB” or “the Company”) wishes to announce that GCB Specialty Chocolates Sdn Bhd (“GCBSC”), a 90%-owned subsidiary of the Company had subscribed for a total 110 ordinary shares of RM1.00 each in GCBG representing 55% equity interest in GCBG (“Subscription”) with the remaining 45% of the equity interest subscribed and held by the  minority shareholders. Consequently, GCBG has become the sub-subsidiary of GCB.

GCBG is a private company incorporated in Malaysia on 27 February 2013 with an authorised capital of RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each of which 200 ordinary shares of RM1.00 each has been issued and paid-up. The intended principal activities of GCBG are to process and manufacture chocolate confectionery products and food ingredient, chocolates, beverage and all other products and as an investment holding company. GCBG has not commenced operation since its incorporation. 

 

The shareholding structure of GCBG is as follows:

 

Name of Shareholders

No. of Ordinary Shares

GCBSC

110

Shanghai Bud Food Co. Ltd

40

Chang Yi-Chung

20

Lim Weng Seng

30

Total

200

The rationale of the Subscription is to further expand the downstream manufacturing activities in industrial chocolates production of the Group.

The Subscription is not expected to have any material effect on the shares capital, major shareholding, earnings, net assets and gearing of the Company  for the financial year ending 31 December 2013.

None of the Directors and major shareholders of GCB and/or persons connected with them has any interest, direct or indirect in the Subscription.

 

This announcement is dated 18 April 2013.

 

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