GIIB Holdings Berhad (GIIB) today announced that HAGF Investment (I) Pte. Ltd. (“HAGF”) has become a substantial shareholder after acquiring 48,609,3000 ordinary shares of the Group.
HAGF is wholly owned by Hildrics Asia Growth Fund I, a Singapore-based private equity fund managed by Hildrics Capital Pte. Ltd. (Hildrics Capital) .
Founded in 2021 by Choo Kee Siong and Wee Teng Chuen, Hildrics Capital primarily focuses on direct investments into established mid-sized companies with high growth prospects in Southeast Asia.
“We are pleased to partner GIIB, a leading Malaysian rubber product manufacturer with established track record of close to 30 years and extensive presence across 60 countries, to support its next growth phase and expansion plans.” said Choo, founder and CEO of Hildrics Capital. The strategic investment in GIIB marks Hildrics Capital’s first investment in Malaysia.
“We warmly welcome Hildrics Capital as our shareholder, which is the first foreign institutional fund to invest in us. With shared common vision and goals for the Group, I look forward to working with them to scale our Group to the next level.”, Tai Qisheng, Group Executive Director.
GIIB Holdings Berhad is primarily focused on the manufacturing of customized rubber compounds for the high end rubber industry. GIIB prides itself with customers in the manufacturing of high-pressure hydraulic hoses, beltings, automotives as well as tyre companies.
