Food Empire to issue US$40m redeemable exchangeable note to Ikhlas Capital

Proceeds from the notes issuance will go to SEA expansions.

Food Empire Holdings will issue a Redeemable Exchangeable Note (REN) of up to US$40m to ASEAN private equity fund manager Ikhlas Capital.

“The investment will be made into a special purpose vehicle wholly owned by [Food Empire] that will hold or possess the option to hold a portfolio of business operations, including the company’s Southeast Asian and South Asian business,” Food Empire said.

Meanwhile, Ikhlas Capital will inject an initial capital of US$40 million into the SPV for this strategic partnership via a five-year REN with a 5.5% annual interest rate, based on terms to be finalised in a definitive agreement.

Ikhlas Capital will have the right, but not the obligation, to exchange the REN for new shares of the Food Empire at a share price of $1.09 per share.

Food Empire will list the new shares on the Singapore Exchange Securities Trading Limited (SGX-ST) and rank pari passu with its existing issued shares.

Food Empire will use the proceeds from its note issuance and strategic partnership with Ikhlas Capital to drive capital expenditures, mergers, and acquisitions in Southeast and South Asia.

Follow the link for more news on

Food Empire Holdings

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia