KUALA LUMPUR, 19 December 2019 – Guan Chong Bhd (GCB)’s sub-subsidiary GCB Cocoa Singapore Pte Ltd is proposing to acquire Netherlands-based Schokinag Holding BV’S entire stake in Schokinag Holding Gmbh (SHG) for approximately RM137.84 million.
Germany-based SHG is engaged in the manufacturing, sale and distribution of industrial chocolates, including chocolate couvertures, from liquid to solid, in various sizes, shapes and packaging types, as well as liquid compounds.
In a filing with Bursa Malaysia today, GCB said SHG has an annual bean grinding capacity of 7,000 metric tonnes and industrial chocolate manufacturing capacity of 90,000 metric tonnes per annum.
It said the proposed acquisition is part of the group’s global strategy to expand its presence in Europe and position the group for new growth opportunities in the world’s largest chocolate consuming market.
“Through the proposed acquisition, the company will expand its product range into the downstream industrial chocolate business-to-business market.
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed within the first quarter of 2020,” it added.