Ellipsiz (SGX:BIX) said its unit Ellipsiz Agro Investments has acquired a 10% stake in ISE Foods Holdings (IFH) for SG$1.2 million, according to a Tuesday filing on the Singapore Exchange.
The purchase of the stake involved the acquisition of 2 million ISE Foods shares at SG$0.60 each from Vertex Ventures SEA Fund IV, with the deal funded from internal resources.
Unicore Agri will also invest about SG$14 million in IFH through a subscription of nearly 10.8 million new shares. Payments will be made in three tranches, with completion expected by Sept. 30.
Following the subscription, Unicore will hold a 34.96% stake, while Ellipsiz will retain 6.5%.
The funds will support IFH's development of Singapore's fourth egg farm, with Unicore assisting in construction, technical support, and operations.
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