Maybank Extends S$65 Mln Loan For Singapore’s Fourth Egg Farm Project

SINGAPORE, March 20 (Bernama) -- Maybank has extended a term loan facility of up to S$65 million (S$1=RM3.08) to ISE Foods Holdings (IFH) as the sole bank financier to partially finance the development of Singapore’s fourth egg farm (SG4EF).

IFH is a subsidiary of SGX-listed Ellipsiz Ltd (Ellipsiz), and the project marks a significant step forward for both IFH and Singapore’s local food production landscape.

The large‑scale farm will be situated on a site identified in collaboration with the Singapore Food Agency (SFA) and relevant government agencies.

"By increasing local egg production, this project will advance the country's goal of producing 30 per cent of the nation’s protein needs by 2035, strengthening food security and reducing dependence on imports," Maybank and Ellipsiz said in a joint statement today.

Maybank Singapore country chief executive officer, Alvin Lee, said the financing highlights Maybank’s role as a partner in achieving national priorities, and aligns with its new economy and sustainability mandate.

"The SG4EF project will implement advanced agritech and smart warehousing solutions, and qualifies as an eligible social loan under our food security and sustainable food systems category. Together with Ellipsiz, we are committed to building a future-ready food ecosystem in Singapore," he added.

-- BERNAMA