English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 12 May 2021, 08:01 HKT/SGT
Share:
    

Source: NutryFarm International Limited
NutryFarm Ventures Into Singapore's Durian Market with Established Singapore E-Commerce Company, Ebuy

Singapore, May 12, 2021 - (ACN Newswire) - The Board of Directors (the "Board") of NutryFarm International Limited (the "Company', and together with its subsidiaries, the "Group") wishes to announce that Global Agricapital Holdings Pte. Ltd. ("Global Agricapital"), a wholly-owned subsidiary of the Company, had on 11 May 2021 entered into a memorandum of understanding with EBuy Pte Ltd ("Ebuy") to expand its durian business activities in Singapore (the "MOU").


Under the MOU, Ebuy will import and distribute pre-packaged durians into Singapore from Malaysia and Thailand on behalf of Global Agricapital, and from the suppliers of Global Agricapital. Global Agricapital will ensure the consistent supply, quality and authenticity of the pre-packaged durians from its suppliers.

The parties expect to start the first shipment by 1 June 2021.

Established as an e-commerce company in Singapore since 2013, Ebuy is a leading distributor of fresh produce in Singapore, including daily fresh vegetables and fruits, to food service providers, retailers, restaurants and hotels. Ebuy has 13 refrigerated warehouses in 3 locations with 16 trucks.

Since December 2020, Nutryfarm has announced various agreements to sell a total of 1,480 containers of fresh durians from Thailand to major Chinese fruit importers. The total contract value of these agreements is estimated at approximately RMB 962.0 million as announced on 13 February 2021.

The Company would like to refer to the announcements on 28 December 2020 and 8, 18 and 29 January 2021, and 5 February 2021 ("Previous Announcements"), in respect of the wholesale trading of fruits through Global Agricapital. The affected risks involved under this MOU are substantially less than that
of the contracts disclosed under the Previous Announcements, and are not anticipated to be significant.

The Company is intending to seek shareholders' approval for a proposed diversification of the Group's core business in view of the Group's intention to build these capabilities. The Company has submitted the circular for SGX approval on 16 February 2021 and is intending to convene a general meeting to seek shareholders' approval as soon as practicable.

Topic: Press release summary
Source: NutryFarm International Limited

Sectors: Agritech, Food & Beverage, Local Biz
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

NutryFarm International Limited Releated News
Mar 18, 2021 08:53 HKT/SGT
NutryFarm Enters into Two New Purchase Contracts for a Total Volume of 570 Containers of Fresh Durians from Thailand
More news >>
Copyright © 2021 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575