NutryFarm invests into Singapore Durian Market with Ebuy

The board of directors of NutryFarm International Limited together with its subsidiaries, announced that the Global Agricapital Holdings Pte. Ltd., a wholly-owned subsidiary of the Company, had entered into a memorandum of understanding with EBuy Pte Ltd, to diversify its durian business operations in Singapore.

Under the MoU, the brand will import and distribute pre-packaged durians from Malaysia and Thailand into Singapore at the behest of Global Agricapital, and from the suppliers of the group. It will make sure that there is consistent supply, quality and authenticity of the pre-packaged durians from its suppliers.

The parties will hopefully begin the first shipment by 1st June, 2021.

Incepted as an e-commerce company in Singapore since 2013, the brand is a major distributor of fresh produce in Singapore, including daily fresh vegetables and fruits, to food service providers, retailers, restaurants and hotels. It owns 13 refrigerated warehouses in 3 locales along with 16 trucks.

Since the December of last year, the NutryFarm subsidiary company has entered into several agreements to sell of 1,480 containers of fresh durians in total from Thailand to leading Chinese fruit importers. The total contract value of these agreements is estimated to be around RMB 962.0 million as declared on 13th February, 2021.

The company would like to refer to the announcements on 28th December, 2020 and 8th, 18th, 29th January, 2021, and 5th February, 2021, in respect of the wholesale trading of fruits through the group. The affected risks involved under this MOU are considerably less than that of the contracts disclosed under the earlier announcements, and are not expected to be significant.

The company is planning to seek shareholders’ consent for a proposed expansion of the group’s core business in view of the Group’s intention to strengthen these capabilities. The company has submitted the circular for SGX approval on 16th February, 2021 and desires to convene a general meeting to seek shareholders’ approval as soon as practicable.