PETALING JAYA: Maybank is extending a term loan facility of up to S$65 mil to ISE Foods Holdings (IFH), a subsidiary of SGX-listed Ellipsiz Ltd, to support the development of Singapore’s fourth egg farm.
The bank is the sole financier for the project, providing partial financing for the development of Singapore’s fourth egg farm (SG4EF), aimed at enhancing local egg production and food security.
In a statement, Maybank said the large-scale facility will be developed on a site identified in collaboration with the Singapore Food Agency (SFA) and other government bodies.
The project is part of Singapore’s broader push to produce 30% of its nutritional needs domestically by 2035, reducing reliance on imports.
Ellipsiz chief executive officer Kenneth Ho said the project reflects the role of local enterprises in supporting national resilience.
“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.
“With Maybank’s support and close collaboration with the SFA, we are building infrastructure that will serve Singaporeans for decades to come,” he said, adding that the group will continue to work with industry partners and the government to contribute to the sector.
Meanwhile, Maybank Singapore country CEO and CEO Alvin Lee said the financing aligns with the bank’s focus on sustainability and the new economy.
“This financing highlights Maybank’s role as a partner in achieving national priorities, and aligns with our new economy and sustainability mandate.
“The SG4EF project will implement advanced agri-tech and smart warehousing solutions, and qualifies as an eligible social loan under our food security and sustainable food systems category,” Lee said.
Under its ROAR30 strategic plan, Maybank aims to mobilise RM300bil (S$98bil) in sustainable finance and RM100bil (S$33bil) in new economy initiatives by 2030.
