August 23, 2006

Malaysia's largest seafood producer to expand with bank loans

Malaysia's GP Ocean Sdn Bhd to fund its expansion with bank loans after plans to source for capital by listing the company fell through, newly-appointed executive chairman Datuk Suhaili Abdul Rahman said Tuesday (Aug 22).

The country's biggest seafood producer had in June withdrawn its proposal to list on Malaysia's stock exchange following an investigation by the Securities Commission (SC) over possible breaches of securities laws.

The company would continue to source for funds to build a RM50 million (US$13.6 million) seafood-processing facility in Labuan, Suhaili told a press conference at Parliament to announce his appointment yesterday as the company's new executive chairman.  Suhaili is a member of Parliament for the region of Labuan and owns shares of Labuan Corp.

The factory, with 100 to 125 tonnes of seafood processing capacity a day, should be completed by the end of 2007 if efforts to secure loans from local banks are successful, Suhaili said.