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Farm Fresh primed for vertical expansion after scooping up Malaysia’s largest ice-cream chain

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Tan Ai Leng

Published Mon, Mar 6, 2023 · 05:50 AM — Updated Thu, Feb 22, 2024 · 11:35 AM
    • The exterior of an Inside Scoop store in Malaysia.
    • Farm Fresh founder Loi Tuan Ee says he is excited to bring Inside Scoop's premium ice cream to the retail market.
    • Farm Fresh chief financial officer Mohd Khairul Mat Hassan said Malaysia’s ice cream market was valued at around RM1.1 billion in 2021.
    • Farm Fresh also expanded into bubble tea shop business by rolling out its own brand - Jom Cha.
    • Inside Scoop founders Edmund Tan (left) and Lim Shiew Li.
    • The exterior of an Inside Scoop store in Malaysia. PHOTO: INSIDE SCOOP
    • Farm Fresh founder Loi Tuan Ee says he is excited to bring Inside Scoop's premium ice cream to the retail market. PHOTO: FARM FRESH
    • Farm Fresh chief financial officer Mohd Khairul Mat Hassan said Malaysia’s ice cream market was valued at around RM1.1 billion in 2021. PHOTO: FARM FRESH
    • Farm Fresh also expanded into bubble tea shop business by rolling out its own brand - Jom Cha. FARM FRESH
    • Inside Scoop founders Edmund Tan (left) and Lim Shiew Li. INSIDE SCOOP

    [KUALA LUMPUR] Eyebrows were raised last month when Malaysian dairy producer Farm Fresh announced a RM83.9 million (S$25.3 million) share acquisition of the country’s largest homegrown premium ice cream chain Inside Scoop.

    The chatter was not so much about the size of the deal – it only represents less than 3 per cent of Khazanah Nasional-backed Farm Fresh’s market capitalisation of RM2.9 billion – but more on the future offerings following the merger and acquisition exercise.

    Farm Fresh, which was listed on the main board of Bursa Malaysia last year, announced on Feb 15 that it plans to take a stake of up to 65 per cent in Inside Scoop.

    MalaysiaF&BAseanAsean Business

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