Friday 29 Mar 2024
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KUALA LUMPUR (May 4): Gunung Capital Bhd said today that its board of directors has not deliberated on any proposed investment into a financial institution in Cambodia, although the company has commenced exploring investment opportunities there.

“As at the date of this announcement, the board has not been briefed and has not deliberated on any other investment proposal especially in relation to the bank/financial institution in Cambodia as mentioned in the article,” it said in a stock exchange filing today.

It was referring to an article on The Edge Malaysia Weekly published for the week of May 4-May 10, which stated that Gunung Capital is in advanced talks to acquire over 20% in a new full-fledged commercial bank in Cambodia.

“The management of Gunung Capital is continuously looking to expand its consolidated revenue and earnings through business opportunities both locally in Malaysia and also regionally (Southeast Asia),” it further said.

Gunung Capital had, on Jan 23, announced its maiden venture into Cambodia with the signing of a memorandum of understanding with a Cambodian company on a waste management project.

“Furthermore, the management of Gunung Capital during its evaluation process of any proposal/ project, including proposed investment opportunities in Cambodia, will always formulate strategies and longer-term plans to maximise the value (both qualitative and quantitative) of a proposed investment, for the benefit of the company and our shareholders.

“This includes, but is not limited to unlocking the value of a proposed investment through a listing exercise,” it said.

“In the event that a decision to invest in a financial institution in Cambodia is made in relation thereto, the board will make necessary announcements accordingly,” it added.

Shares in Gunung Capital closed 1 sen or 1.72% lower at 57 sen, giving the group a market capitalisation of RM137.27 million.

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