ID :
113647
Fri, 03/26/2010 - 19:41
Auther :
Shortlink :
https://oananews.org//node/113647
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GGF AND IBH ANNOUNCE US$100 MILLION HUMANITARIAN FUND
GGF AND IBH ANNOUNCE US$100 MILLION HUMANITARIAN FUND
By Premalatha Jayaraman
KUALA LUMPUR, March 26 (Bernama) -- Malaysian-based GGF Group of Companies
and IBH Investment Bank Limited today announced the setting up of a US$100
million (US$1=RM3.29) humanitarian fund, expected to be launched in April.
"The Earth Resources Humanitarian Fund", an offshore private-equity fund
to be subscribed by non-residents, involves the creation of a Special
Purpose Vehicle, GGF Earth Resources Limited, as the investment company, said
GGF Chief Operating Officer Jay Lim.
GGF Group of Companies is mainly involved in the international trading of
rice, petroleum, gold and palm olein.
GGF Group Chairman Dr Ronald Heng, acting in the capacity as fund
promoter, said he had appointed IBH Investment Bank Limited, a licensed Labuan
Investment Bank, as the structuring advisor and fund manager for the fund.
Heng has also been appointed the official representative of Thailand's
Public Warehouse Organisation to help expand the international market for
Thai rice.
"Our goal remains consistent in helping poor farmers and feeding the
hungry," Heng told Bernama here.
He said the fund was authorised to increase in size up to US$500 million to
continue its investment into basic agrarian food projects, procurement and
global distribution of rice including the construction of rice silos and
rice mills in Indo-China, beginning in Thailand.
Last September, GGF (Thailand) Company Limited, a Malaysian-Thai joint
venture, was awarded a US$200 million contract by the Thai government to
build, own, and operate 400 high-technology silos in 10 provinces within
two years, with the capacity to store two million metric tonnes of rice.
Heng said the project in Thailand was expected to begin in May and
the company was currently in the midst of finalising deals with major
construction and manufacturing companies from China.
IBH Investment Bank Limited Chief Executive Officer Howard Choo said:
"One of our business sectors' focus is on food security projects and we believe
this proposed fund fits the criteria".
-- BERNAMA
By Premalatha Jayaraman
KUALA LUMPUR, March 26 (Bernama) -- Malaysian-based GGF Group of Companies
and IBH Investment Bank Limited today announced the setting up of a US$100
million (US$1=RM3.29) humanitarian fund, expected to be launched in April.
"The Earth Resources Humanitarian Fund", an offshore private-equity fund
to be subscribed by non-residents, involves the creation of a Special
Purpose Vehicle, GGF Earth Resources Limited, as the investment company, said
GGF Chief Operating Officer Jay Lim.
GGF Group of Companies is mainly involved in the international trading of
rice, petroleum, gold and palm olein.
GGF Group Chairman Dr Ronald Heng, acting in the capacity as fund
promoter, said he had appointed IBH Investment Bank Limited, a licensed Labuan
Investment Bank, as the structuring advisor and fund manager for the fund.
Heng has also been appointed the official representative of Thailand's
Public Warehouse Organisation to help expand the international market for
Thai rice.
"Our goal remains consistent in helping poor farmers and feeding the
hungry," Heng told Bernama here.
He said the fund was authorised to increase in size up to US$500 million to
continue its investment into basic agrarian food projects, procurement and
global distribution of rice including the construction of rice silos and
rice mills in Indo-China, beginning in Thailand.
Last September, GGF (Thailand) Company Limited, a Malaysian-Thai joint
venture, was awarded a US$200 million contract by the Thai government to
build, own, and operate 400 high-technology silos in 10 provinces within
two years, with the capacity to store two million metric tonnes of rice.
Heng said the project in Thailand was expected to begin in May and
the company was currently in the midst of finalising deals with major
construction and manufacturing companies from China.
IBH Investment Bank Limited Chief Executive Officer Howard Choo said:
"One of our business sectors' focus is on food security projects and we believe
this proposed fund fits the criteria".
-- BERNAMA
