Nazir Razak's Ikhlas Capital investing up to US$40 million in Food Empire

The redeemable exchangeable note can be converted to new Food Empire shares at $1.09

A group of investors including former CIMB chairman Nazir Razak is investing up to US$40 million in Food Empire Holdings F03 via a reedeemable exchangeable note issue.

The investment is made via a special purpose vehicle under the investment firm Ikhlas Capital Singapore, whose founding partners, besides Nazir as founding partner and chairman, include Kenny Kim who was a CIMB group CFO, 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.

Under terms of the issue, the REN, which has a 5-year term, carries an annual interest of 5.5% and can be converted into new Food Empire shares at $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," says Food Empire.

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