Kan Sam’s roots date back to the 1980s when its substantial shareholder JB Cocoa Group Bhd was established in Muar, Johor.
JB Cocoa was formerly known as Guan Chong Group Sdn Bhd, whose principal business was the processing of cocoa beans. Then in 1990, a cocoa processing plant was built in Pasir Gudang under Guan Chong Cocoa Manufacturer Sdn Bhd (GCCM).
Kan Sam chairman Tey Kan Sam @ Tey Hin Ken and his son, the company’s managing director Tey How Keong, were involved in the setting up of both the plant and the company. In fact, GCCM was at one point a subsidiary of JB Cocoa until the latter disposed of the former to Guan Chong Resources Sdn Bhd as part of a restructuring exercise in 2003.
Guan Chong Resources is currently the holding company of the listed Guan Chong. A look at the directors of the listed Guan Chong show even further ties, with a director Tay Chi @ Tay Chin Chuan cited as one of the founding members of JB Cocoa. Guan Chong managing director Tay Hoe Lian has been with GCCM since 1997.
It is learned that the heads of both companies are in fact related. They are apparently cousins who started the business of cocoa together. However, the two then amicably parted ways due to differences in business directions.
In terms of earnings, Kan Sam posted a net profit of RM48.1 million on the back of RM504.2 million in revenue. This was higher than the previous year when net profit stood at RM23 million and revenue was RM386.2 million.
JB Cocoa was formerly known as Guan Chong Group Sdn Bhd, whose principal business was the processing of cocoa beans. Then in 1990, a cocoa processing plant was built in Pasir Gudang under Guan Chong Cocoa Manufacturer Sdn Bhd (GCCM).
Kan Sam chairman Tey Kan Sam @ Tey Hin Ken and his son, the company’s managing director Tey How Keong, were involved in the setting up of both the plant and the company. In fact, GCCM was at one point a subsidiary of JB Cocoa until the latter disposed of the former to Guan Chong Resources Sdn Bhd as part of a restructuring exercise in 2003.
Guan Chong Resources is currently the holding company of the listed Guan Chong. A look at the directors of the listed Guan Chong show even further ties, with a director Tay Chi @ Tay Chin Chuan cited as one of the founding members of JB Cocoa. Guan Chong managing director Tay Hoe Lian has been with GCCM since 1997.
It is learned that the heads of both companies are in fact related. They are apparently cousins who started the business of cocoa together. However, the two then amicably parted ways due to differences in business directions.
In terms of earnings, Kan Sam posted a net profit of RM48.1 million on the back of RM504.2 million in revenue. This was higher than the previous year when net profit stood at RM23 million and revenue was RM386.2 million.
In addition, Kan Sam has also been granted a call option to acquire a stake in PT Koko, which has plans to construct a cocoa liquor facility in Indonesia that is expected to commence in mid-2012. The company has also been granted a call option to acquire a stake in Kakao GmbH, which intends to construct a cocoa butter melting, deodorising and warehouse facility in Germany.
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