CAB Cakaran unit and other shareholders of Singapore Poultry Hub sign deal

PETALING JAYA: CAB Cakaran Corp Bhd yesterday announced that its 51%-owned unit Tong Huat Poultry Processing Factory Pte Ltd has entered into an agreement with the other shareholders of Singapore Poultry Hub Pte Ltd to specify their roles as shareholders and the business affairs of Singapore Poultry Hub.
The principal activity of Singapore Poultry Hub is slaughtering of poultry and cold storage. The company’s shareholders include Tong Huat Poultry, Kee Song Holdings Pte Ltd, Sinmah Holdings (S) Pte Ltd, Tysan Food Pte Ltd and Tan Chin Long.
In a filing with Bursa Malaysia, CAB Cakaran said shareholders of the company may be required to provide funding for Singapore Poultry Hub’s operations which include the establishment of a poultry slaughtering facility and services, a dormitory within the poultry processing hub, and the provision of facilities management services. A cap of S$40 million (RM120 million) has been set for the financing requirements.
Tong Huat Poultry holds a 25% interest in Singapore Poultry Hub.
CAB Cakaran’s share price fell 0.98% or one sen at RM1.01 yesterday, with some 2.09 million shares traded. It has a market capitalisation of RM622.7 million.