IslamicFinance.de

The world’s fourth largest cocoa grinder Guan Chong (GCB) is undertaking a sukuk exercise for its future expansion plans. It is launching a sukuk wakalah programme of up to RM800mil in nominal value. According to managing diector Brandon Tay Hoe Lian, proceeds from the first tranche of issuance of RM300mil will go towards funding the ongoing construction of a new cocoa grinding facility in Ivory Coast, which is set to commence operations in the second half of 2021. The programme will also support the company's expansion in Europe, following the acquisitions of industrial chocolate provider Schokinag in Germany and the land and building in United Kingdom.