A group of investors, including former CIMB Group Holdings Bhd chairman Tan Sri Nazir Razak, will invest up to US$40 million (RM188.41 million) in Food Empire Holdings through a reedeemable exchangeable note offering.
The investment is made via a special purpose vehicle under investment firm Ikhlas Capital Singapore, whose founding partners include Kenny Kim, a former CIMB group chief financial officer, Gita Wirjawan, Indonesia’s former minister of trade, and Cesar Purisima, a former Philippine secretary of finance. Nazir serves as a founding partner and chairman.
Ikhlas Capital’s investors include more than 50 ASEAN institutions and family offices.
According to the conditions of the issue, the REN has a 5-year term, pays 5.5% annual interest, and can be exchanged into new Food Empire shares at a price of $1.09 each. “The board believes that, beyond capital injection, Ikhlas Capital’s local presence, knowledge, and network in Southeast Asia will help the group further accelerate growth and scale in Southeast Asia and internationally,” Food Empire’s report said.
SGX Mainboard-listed Food Empire Holdings (Food Empire) is a worldwide food and beverage production and distribution company based in Singapore. Food Empire sells its products in over 60 countries in North Asia, Eastern Europe, South-East Asia, South Asia, Central Asia, the Middle East, and North America, with a portfolio that includes instant beverages, snack foods, and a growing presence in food ingredients. Food Empire is primed for even greater growth, with eight manufacturing sites in five countries and 23 offices throughout the world.
Food Empire sells a wide variety of branded beverages and snacks, including classic and flavored coffee mixes and cappuccinos, chocolate drinks, fruit-flavored teas, bubble tea, instant cereal blends, and crispy potato snacks. Its food ingredients business offers the best freeze-dried and spray-dried instant coffee, as well as non-dairy creamer.
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