AppHarvest acquires agricultural robotics company as Singaporean firm deploys robots in grocery delivery

US – American AgTech Company AppHarvest, has acquired agricultural robotics and artificial intelligence (AI) company, Root AI, to boost its capacity to produce food sustainably and increase efficiency. Founded in 2019, Root AI creates intelligent robots to help manage high-tech indoor farms. Its signature robot Virgo can be configured to identify and harvest multiple crops of varying sizes including tomatoes and peppers and more delicate fruits such as strawberries. As part of the deal, AppHarvest will gain access to Virgo and is expected to take advantage of the data the…

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Olam’s 2020 annual report, a reflection of a company committed to sustainable growth

SINGAPORE – Global food and agri-business company Olam International has released its 2020 Annual Report, highlighting its key achievements for the year with a particular focus on financial achievement and progress in sustainability commitments. The company noted in its report that it successfully navigated the pandemic and emerged stronger, with a robust operational financial performance in 2020. The company’s overall annual revenues went up 8.6%, totaling US$35.8 billion, including US$12.5 billion for its food division, despite the ongoing coronavirus pandemic. In the report, Olam was also proud of the significant…

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Olam secures US$1.45Bn financing facility to bolster its sustainability sourcing platform

SINGAPORE –  Leading global food and agri-business company,  Olam International Limited has secured a US$1.45 billion facility to help fund activities carried out over its AtSource sustainability insights platform. According to Olam, AtSource is  a “sustainability insights platform” which gives customers a view of their supply chain sustainability parameters. The agribusiness company further notes that the platform also provides insights into how the its customers can effect positive change within the ecosystem and create value for all.  Roel Van Poppel, CEO of AtSource, explains that the sustainability platfrom was created…

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Rwanda avails coffee products on Singapore’s leading online platform, largest supermarket chain

RWANDA – Rwanda has expanded its coffee market beyond the traditional exports by availing the products in Singapore’s leading online retail store, RedMart and the country’s largest supermarket chain National Trades Union Congress (NTUC) FairPrice. According to reports by New Times Rwanda, NTUC FairPrice has 100 supermarkets across Singapore and the sale of the products on RedMart platform will avail to not only Singaporeans but customers across the globe. The development was announced by Jean de Dieu Uwihanganye, Rwanda’s High Commissioner to Singapore stating, “Rwanda’s products are now on the…

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Olam full year profits jumps 36% even as it makes significant progress in business re-organisation

SINGAPORE – leading food and agri-business company Olam International Limited (OIL), has reported a 36% jump in Profit after Tax and Minority Interests for the full year ending December 2020. This is despite of the company operating during a difficult work environment occasioned by the COVID-19 pandemic. During the year, Olam also reported that it had made significant progress in reorganization of its businesses. According to a statement from Olam, the reorganization process will create two new coherent operating groups that are well-positioned for further growth. Creation of two distinct…

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Olam seeks to raise US$188m from Singapore’s debt market even as it extends its food prize application deadline

SINGAPORE – Global food and agri-business company, Olam International Limited has announced that it has priced a benchmark S$250 million (about US$188.7 million) of subordinated perpetual securities under its US$5 billion Euro Medium Term Note Programme. This is the first time in three years that the global agribusiness company is issuing subordinated perpetual securities. The last issuance of a similar kind was made in 2017. Olam says the issue was well subscribed, leading to a final distribution rate of 5.375%, which was tightened from an initial pricing guidance of 5.50%.…

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Singapore pushes food innovation limits becoming the first country to approve lab grown meat

SINGAPORE – Singapore, a sovereign island city-state in maritime Southeast Asia and one of the most progressive countries when it comes to embracing food innovations, has allowed the sale of lab grown meat, becoming the first country in the world to do so. With the approval given, Eat Just Inc., a maker of meat and egg substitutes, now has the go ahead to sell its laboratory-created chicken to Singaporean consumers. The product, created from animal cells without the slaughter of any chickens, will debut in Singapore under the GOOD Meat…

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Singapore’s instant cereal maker Viz Branz acquired by alternative asset manager Investcorp

SINGAPORE – Ownership of Singapore’s instant cereal maker Viz Branz is about change following a deal signed between existing shareholder and chief executive Ben Chng and Alternative asset manager Inverstcorp. In a statement, alternative asset manager Investcorp said has it agreed to acquire a majority stake in Singapore-based Viz Branz for an undisclosed sum. The Bahrain-listed firm said that the deal was successfully concluded in partnership with the Asia Food Growth Fund I. “This transaction represents an exciting opportunity in a market leading company and in what we believe is…

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U.S. Center for Dairy Excellence unveiled in Singapore with enhanced resources and innovative programming

SINGAPORE – The U.S. Dairy Export Council has officially unveiled a new U.S. Center for Dairy Excellence (U.S. CDE) in Singapore with enhanced resources and innovative programming to accelerate market development for U.S. dairy in Southeast Asia. Funded by U.S. dairy farmers and processors through the National Dairy Checkoff, the U.S. CDE represents a gateway for collaboration between the U.S. dairy community and Southeast Asia’s food and beverage stakeholders, the culinary community, health professionals and other partners. The center’s focus is on inspiring regionally tailored nutrition and innovation solutions with…

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Eat Just partners with Proterra to launch its first factory in Asia

SINGAPORE – Eat Just, a plant-based food startup, has partnered with a consortium led by Proterra Investment Partners Asia to build and operate a plant protein production facility in Singapore, Eat Just’s first factory in Asia. The consortium will provide up to US$100 million in funding to build and operate the factory, while Eat Just will invest up to US$20 million. The resulting Eat Just subsidiary, Eat Just Asia, will serve Just Egg manufacturing and distribution partners across the continent. The new factory, the company’s first in Asia, will generate…

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