GIIB Holdings Berhad announced that its wholly-owned subsidiary, GIIB Project Management & Capital Sdn. Bhd., has entered into a Memorandum of Understanding (MOU) with Tricrest Foodie Trading Sdn. Bhd. to explore a proposed investment in the company.
Under the proposed conditional share subscription, GIIB PM&C or its nominee intends to subscribe for new shares in Tricrest, subject to the parties entering into a conditional share subscription agreement.
Tricrest is the exclusive distributor and brand holder in Malaysia for Wonlucky products manufactured by Guangzhou Wanglaoji Pharmaceutical Co., Ltd., a historic Chinese state-owned pharmaceutical enterprise under Guangzhou Pharmaceutical Group (GPHL).
The Wonlucky product range includes halal-certified products, which Tricrest plans to market and distribute in Malaysia while exploring expansion opportunities across Southeast Asia, the Middle East and Africa.
Under the MOU, both parties will negotiate in good faith towards finalising the CSSA, with the proposed investment remaining subject to satisfactory due diligence, execution of definitive agreements and the necessary corporate, regulatory and other approvals.
The MOU also grants GIIB PM&C an exclusivity period, during which Tricrest will not negotiate with third parties regarding any equity investment or similar transactions without GIIB PM&C’s prior written consent.
GIIB said the proposed investment aligns with its growth strategy and provides an opportunity to participate in the potential long-term profitability of the Wonlucky products, supported by Guangzhou Wanglaoji’s long-standing heritage and brand recognition dating back to 1828.
The company added that growing consumer demand for health-conscious products, Tricrest’s exclusive distribution rights and the potential for regional expansion are among the factors supporting the investment rationale.
