PETALING JAYA: Khee San Bhd
is on its way to recovery after its shareholders approved its proposed regularisation plan during its EGM yesterday.
In a statement, the candy manufacturer said the comprehensive plan will entail a proposed rights issue with warrants, a scheme of arrangement with creditors and a share capital reduction.
Executive chairman Yong Loong Chen said the rights issue is expected to raise RM96mil for the group, to be used to fund restructuring efforts and restore financial stability.
“Khee San will also introduce an employees’ share scheme as part of the regularisation plan, aimed at attracting and retaining key talent to support its future growth,” he said.Yong added that since the group’s Practice Note 17 status, various initiatives were taken to achieve a turnaround.
“KSB has actively tapped into opportunities to expand its distribution channels and product range to boost revenue growth.
“Alongside securing new retail channels in Malaysia, we have also penetrated new export markets including New Zealand, Mauritius and Taiwan through distribution partners,” he said.
The group also modernised its market approach by launching its “Candy Kingdom” social media platform and establishing a presence on eCommerce platforms.As part of its product development efforts, it introduced new additions to its Fruit Plus range and launched a vegan and gluten-free product Beyond Fruit Plus.
