ISE Foods Holdings (IFH), a subsidiary of SGX-listed Ellipsiz, has received a $65 million loan from Maybank to help fund the development of Singapore's fourth egg farm.
Ellipsiz's plans for this egg farm extend as far back as 2021 and has received the support of the Singapore Food Agency. Presumably, the higher production eggs here can help with food security.
“As a homegrown company, we have always believed that local enterprise has a critical role to play in national resilience, and this farm is where that belief becomes reality," says Kenneth Ho, CEO of Ellipsiz.
"With Maybank’s support and close collaboration with the SFA, we are building infrastructure that will serve Singaporeans for decades to come," he adds.
Alvin Lee, Maybank's country CEO and CEO of Maybank Singapore, says this financing highlights Maybank’s role as a partner in achieving national priorities.
"Together with Ellipsiz, we are committed to building a future-ready food ecosystem in Singapore," he adds.
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As this egg farming project is some way to go before production, Ellipsiz's revenue is now drawn mainly from distribution and to a smaller extent, operating golf simulators.
Ellipsiz shares closed at 24 cents on March 20, up 4.44% for the day and up 11.9% in the past year. At this level, the company's market value is just below $40 million.
