Sucden | TMF Group case study


Sweet success as sugar company eyes Asian growth

A sugar group was looking for a solid base in Asia - the answer was Labuan, with its unique position and business advantages

Services for: Corporate Secretarial and International Corporate Structuring 

Provided in: Labuan, Malaysia

Headquartered in Paris, Sucres & Denrées (SUCDEN) was founded in 1952 and continues to be family-run. It is a market leader in sugar, active in sugar sourcing, logistics, risk management, merchandising, trading, processing and distribution. The group originates and ships annually more than 8M Mts of sugar and distributes 1M Mts sugar in domestic markets, with logistical and industrial processing activities in Russia, Brazil, Mexico, India, Europe, the US and several African and Latin American destinations. The group has diversified over the years and now works in other products and services such as cocoa, ethanol, ocean freight, coffee, and futures/options brokerage on the world’s major exchanges. It has 4,000 employees and is present in more than 30 locations worldwide.

Godfrey Loh, Head of Finance for SUCDEN Malaysia Ltd, says, “Our Paris head office was looking for a base from which to grow our Asian operations; and Labuan was chosen as its Malaysia’s only mid-shore jurisdiction with separate regulations – regarded as the BVI for Asia, with unique business advantages.

“We officially incorporated in Labuan on 15 December 2014 with TMF Group’s guidance. The team helped us obtain the Labuan International Commodities Trading (LICT) license pre-approval, and submit our final license application. TMF Group was invaluable in making sure the process was smooth and seamless; we also use their services for ongoing corporate secretarial work and are happy with the outcome.

“SUCDEN Malaysia’s principal activity is to source Indonesian, Vietnamese and South Pacific cocoa beans; this includes sustainable and certified products. It also targets sales to emerging and international chocolate markets, and growth for African and South American cocoa beans.”

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