Maybank has announced a term loan facility of up to S$65m to ISE Foods Holdings (IFH), a subsidiary of SGX-listed Ellipsiz Ltd, to partially finance the development of Singapore’s fourth egg farm. This initiative is a significant step in enhancing the nation’s food production capabilities and reducing reliance on imports.
The large-scale farm, developed in collaboration with the Singapore Food Agency and other government bodies, aims to increase local egg production. This aligns with Singapore’s goal of producing 30% of its protein needs locally by 2035, thereby bolstering food security. Kenneth Ho, CEO of Ellipsiz, emphasised the importance of local enterprise in national resilience, stating, “With Maybank’s support and close collaboration with the SFA, we are building infrastructure that will serve Singaporeans for decades to come.”
Alvin Lee, Country CEO of Maybank Singapore, highlighted the bank’s commitment to national priorities and sustainability. “The SG4EF project will implement advanced agri-tech and smart warehousing solutions, and qualifies as an eligible social loan under our food security and sustainable food systems category,” he said.
This project is part of Maybank’s ROAR30 strategic plan, which aims to mobilise RM300b (S$98b) and RM100b (S$33b) in sustainable finance and new economy initiatives by 2030. The development of the egg farm represents a forward-looking approach to creating a sustainable food ecosystem in Singapore.
