Guan Chong falls after shelving secondary listing in Singapore

  • Business
  • Wednesday, 22 Aug 2012

KUALA LUMPUR: Shares of Main Board-listed Guan Chong Bhd fell on Wednesday after its announcement it would not go ahead with its secondary initial public offering (IPO) on the Singapore Exchange (SGX-ST).

At 10.42am, the shares fell 11 sen to RM2.90 with 537,100 shares done. Its warrants fell nine sen to 97 sen.

The FBM KLCI was at a fresh high, up 5.06 points to 1,654.85. Turnover was 347.03 million shares valued at RM361.05mil. There were 273 gainers, 231 losers and 249 counters unchanged.

Last Thursday, Guan Chong managing director and CEO Brandon Tay said that after much consideration, the processing company wished to reassess its strategic directions with regard to capital requirements for expansion.

"The group remains committed to expanding its global reach and broadening its profile as one of the leading cocoa processors in the world, going forward," he said.

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