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Singapore, May 12, 2021-(ACN Newswire)-The board of directors of NutryFarm International Limited (the “Company”, and its subsidiaries, the “Group”) (hereinafter referred to as the “Board of Directors”) wishes to announce that Global Agricapital Holdings is wholly owned by the company Subsidiary Pte. Ltd. (hereinafter referred to as “Global Agricapital”) signed a memorandum of understanding with EBuy Pte Ltd (hereinafter referred to as “Ebuy”) on May 11, 2021 to expand its business activities in durian. “MOU”).
Under the Memorandum of Understanding, Ebuy will import and package pre-packaged durians to Singapore from Malaysia and Thailand on behalf of Global Agricapital and from suppliers of Global Agricapital. Global Agricapital will ensure that the pre-packaged durians provided by its suppliers maintain a consistent supply, quality and authenticity.
The two parties are expected to start the first shipment on June 1, 2021.
Founded in Singapore in 2013, Ebuy is an e-commerce company and 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 with 16 trucks in 3 locations.
Since December 2020, Nutryfarm has announced a number of agreements to sell a total of 1,480 containers of fresh durian from Thailand to major Chinese fruit importers. Announced on February 13, 2021, the total contract value of these agreements is estimated to be approximately RMB 962 million.
Regarding fruit wholesale transactions through Global Agricapital, the company hopes to refer to the announcements on December 28, 2020, January 8, 18, and 29, and February 5, 2021 (“Previous Announcements”).The impact risk involved in the MOU is much less than
The contract disclosed in the previous announcement is not expected to be significant.
In view of the Group’s intention to build these capabilities, the company intends to seek shareholder approval on the diversification of the core business of the group. The company has submitted a circular for approval by the SGX on February 16, 2021, and intends to convene a general meeting of shareholders to seek to obtain shareholder approval as soon as practicable.
Source: NutryFarm International Limited
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