KUALA LUMPUR: Guan Chong Bhd has decided not to proceed with its secondary initial public offering (IPO) on the Singapore Exchange (SGX-ST) for the time being.
"After much consideration, we wish to reassess our strategic directions with regard to capital requirements for expansion," its managing director and chief executive officer Tay Hoe Lian said.
"The group remains committed to expanding our global reach and broadening our profile as one of the leading cocoa processors in the world, going forward. "Ultimately, we remain focused on implementing growth strategies to bring sustainable benefit to Guan Chong," he said in a statement on Friday.
The group is one of the largest cocoa processors in the region with an annual grinding capacity of 200,000 tonnes.
It has two processing facilities; one in Pasir Gudang and the other in Batam, Indonesia. - Bernama
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