KUALA LUMPUR: A group of investors including former CIMB Group Holdings Bhd chairman Tan Sri Nazir Razak is investing up to US$40 million in Food Empire Holdings Ltd via a reedeemable exchangeable note (REN) issue.
According to theedgesingapore.com, the investment is made via a special purpose vehicle under the investment firm Ikhlas Capital Singapore.
Ikhlas Capital's founding partners, besides Nazir as founding partner and chairman, include Kenny Kim who was a CIMB group chief financial officer, Gita Wirjawan, Indonesia's former minister of trade and Cesar Purisima, a former Philippines' secretary of finance.
Investors of Ikhlas Capital include over 50 Asean institutions and family offices, the portal noted.
Under terms of the issue, the REN, which has a five-year term, carries an annual interest of 5.5 per cent and can be converted into new Food Empire shares at S$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 was quoted as saying.