Guan Chong shares continue to rise on plans to buy US-based cocoa plant
28 Sep 2017 / 11:48 H.
PETALING JAYA: Guan Chong Bhd's (GCB) shares continued to rise by 3.15% this morning, after its unit Carlyle Cocoa Co LLC announced its plans to buy the assets of US-based cocoa products processors Cocoa Services, L.L.C. and Morgan Drive Associates, L.L.C for US$8.39 million (RM35.39 million).
At 11.01am, its share price stood at RM1.63 with 520,100 shares changing hands. It has a market capitalisation of RM759.9 million.
The group said it sees the acquisition as a means to achieve organic expansion on its existing business operations, by providing value-added services of processing cocoa products for the end consumer market.
GCB is involved in the manufacturing, marketing and promotion of cocoa related products.