Golden Frontier Berhad ("GFB" or "the Company") was incorporated in Malaysia on
6 September 1972 under The Companies Act 1965, as a private limited company under
the name of Soon Seng Frozen Food Sdn Bhd, it subsequently changed its name to Soon
Seng Corporation (M) Sdn Bhd on 9 May 1985. On 1 November 1989, the
Company converted itself into a public company and changed its name to Soon Seng
Corporation (M) Bhd. It assumed its present name on 22 June 1990 and was subsequently
listed on the Main Board of the Bursa Malaysia Securities Berhad ("Bursa Malaysia")
on 12 November 1991.
GFB was initially engaged in the business of processing frozen shrimps and prawns for export.
The Company subsequently diversified into the manufacturing and sales of corrugated
fibreboard cartons through its subsidiary company, Golden Frontier Packaging Sdn Bhd.
These two activities became the main core businesses of the Golden
Frontier Group of Companies ("the Group") at the time of public listing. These contributed approximately 40% and 60% of the Group's turnover respectively.
Thereafter, after several corporate restructuring exercises, the Group ventured into new
businesses, expanding the profit-making businesses and divesting its loss-making
operations in Malaysia. In year 1997 the Group ventured into its first overseas investment, opening a corrugated fibreboard carton factory
in Ho Chi Minh City,
Vietnam, to take advantage of the fast-expanding Vietnamese market. This overseas
venture was subsequently followed by the opening of two more factories, a second
factory in Ho Chi Minh City and the third factory in Hanoi,
The overseas companies in Vietnam were subsequently disposed off in year 2011 with a
huge profit when the Group felt that conditions of drastic devaluation of the Vietnamese
currency, over-heating economy, runaway inflation and interest rates coupled with
intense competition made it a good time to exit from the Vietnam market.
In consideration of the thin trading volume in the stock market and undervalue of
stock price, coupled with sufficient internal fund for working capital as well as
future expansion, the major shareholder, Frontier Equity Sdn Bhd, felt it not necessary
to remain listed on Bursa Malaysia and has in January 2012 offered to buy back all
the shares not already held by the major shareholders. The Group was subsequently
delisted from Bursa Malaysia in May 2012.
Today, the Group is still moving in the direction to transform itself to be an integrated
player in the paper and paper related industries in the longer term, setting its
foot locally first before regionalizing its presence in other countries when opportunities
The next 2 to 3 years will be the Group's Investment years as we embark on our journey
to achieve our aspiration. Apart from capacity expansion of our existing corrugating
plant, the Group is also looking to invest in other paper related businesses and expand into other domestic regions
in the corrugated carton industry. The expansion of our corrugated carton business
will not only ensure broader income but more importantly, this will set the prerequisites,
synergy and strong foundation for the group to move upstream into the paper mill
business with greater confidence and brighter prospect in the longer term.
Al always, the Group takes a prudent stance and will not rush into any new investment
without having the confidence of favorable end results. Going forward, we will plan
and execute our new investment and transformation in an orderly manner, albeit slowly,
to ensure that we will progress and achieve our goals accordingly.