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QAF to invest S$21.5m to expand in the Philippines
QAF Limited plans to invest some S$21.5 million to expand its bread production and distribution business in the Philippines to meet the growing demand there.
The company has proposed to spin-off and transfer the existing bread manufacturing plant in Cebu to a newly-incorporated group and to set up a new plant in Mindanao.
In an announcement to the Singapore Exchange, QAF said it has also proposed to acquire a plot of land in Luzon to set up a new bread manufacturing plant in future.
The Cebu spin-off and Mindanao projects are expected to be completed this year and 2018, respectively, while the land acquisition in Luzon is expected to take place this year.
QAF has also formed an executive committee which will be responsible for the overall management of its operations and affairs and have overall oversight over its subsidiaries, associated companies and joint ventures.