The Board of Directors of GCB is pleased to announce that as part of the Company’s expansion efforts to increase its production capacity, the Company will be investing in a new cocoa bean processing plant in Côte d'Ivoire (“New Plant”).

The New Plant is estimated to require a capital investment of approximately EUR50 million - EUR60 million over the next one and a half (1.5) years for costs including, inter-alia, construction of building and setting up of the processing plant. The New Plant is expected to be commissioned and operational by 1st quarter of calendar year 2021.

The New Plant is planned to increase GCB’s production capacity by 60,000 metric tonnes (MT) per annum which is envisaged to allow the Company to expand its market presence and strengthen its competitive advantage in European market. In addition, the New Plant will be processing cocoa beans directly sourced from within Côte d'Ivoire, being one the world’s largest cocoa beans producers, which will in turn enable the Company to achieve savings in freight / transportation costs.

The investment in the New Plant is expected be funded via internally-generated funds, bank borrowings, proceeds from the private placement exercise (if implemented) and/or combination of the above. For information purposes, as per the Company’s announcement on 18 February 2019, the Company intend to utilise the proceeds from the private placement for, inter-alia, future business investments. Accordingly, in the event the private placement is implemented, the Company may utilise the proceeds raised to fund the investment in the New Plant.

For avoidance of doubt, the investment in the New Plant is not subject to shareholders’ approval.

This announcement is dated 30 August 2019.