Photo: Albert Chua

The investment is made via a special purpose vehicle under the investment firm Ikhlas Capital Singapore, whose founding partners, besides Nazir as founding partner and chairman, include Kenny Kim who was a CIMB group CFO, Gita Wirjawan, Indonesia's former minister of trade and Cesar Purisima, a former Philippines' secretary of finance.

Investors of Ikhlas Capital include over 50 ASEAN institutions and family offices.

Under terms of the issue, the REN, which has a 5-year term, carries an annual interest of 5.5% and can be converted into new Food Empire shares at $1.09 each.

"The board believes that, beyond capital injection, Ikhlas Capital’s local presence, knowledge, and network in Southeast Asia will help the group further accelerate growth and scale in Southeast Asia and internationally," says Food Empire.