Food Empire's subsidiary embarks on expansion of manufacturing unit in India

MAINBOARD-listed Food Empire Holdings' wholly-owned subsidiary, Indus Coffee, will be expanding its manufacturing facility in India, the group said in a Singapore Exchange (SGX) filing on Wednesday evening after market close.

This expansion will be funded through both internal and external resources, including an increase of US$11.25 million additional capital in Indus Coffee by the company's wholly-owned subsidiary, EpiQ Food Services; and banking facilities of US$30 million granted by DBS Bank and its branch office in Chennai, India.

The additional capital of US$11.25 million will be paid in tranches and is expected to be completed by Dec 31, 2020, the company said.

It added that none of its directors or controlling shareholders of the company has any interest, direct or indirect, in the above transaction.

Food Empire closed at 69 Singapore cents apiece on Wednesday, unchanged from the previous day's close. About 337,000 shares changed hands.