Food court operator Koufu landed boutique fund investor Albizia Capital as a strategic investor after it acquired 20.0 million shares, or a 3.6 percent stake, in a married deal at S$0.63 a share, matching its IPO price, it said in a filing to SGX on Tuesday.
Albizia Capital acquired 7.0 million shares directly from Koufu’s controlling shareholder, Jun Yuan Holdings, which is owned 50:50 by the two founders, Pang Lim and Madam Ng Hoon Tien, the filing said.
The other 13.0 million shares were acquired from other shareholders, it said.
The founders have retained a collective stake of around 77.10 percent of Koufu, or around 428.05 million shares, it said.
Pang Lim said the deal was in line with Koufu’s strategy of expanding its shareholding support via strategic investors, such as Albizia Capital.
“We are confident that with their deep knowledge of the consumer sector, we will be able to tap on their experience and network to further increase Koufu’s contacts and opportunities in the F&B space,” Pang Lim said in the statement. “We see this as an affirmation and endorsement of our business model and expansion strategy.”
Shares of Koufu ended up 0.82 percent at S$0.61 on Tuesday, with a spike in volume showing up late in the afternoon session.