OREANDA-NEWS. Standard Chartered Private Equity (“SCPE”) is pleased to announce the successful investment in a significant stake in Phoon Huat Pte. Ltd. (“the Company”), a home-grown wholesaler and retailer of branded food ingredients with an almost 70 year history of operating in Singapore.

Founded in 1947 as a small food retail store in Singapore, the Phoon Huat business has flourished into a leading, integrated food company with an island-wide distribution network in Singapore and exports to regional countries. SCPE is excited to partner with existing shareholders to steer the business through its next phase of growth. SCPE will provide strategic input into the Company’s business planning and support the management in its development plans.

SCPE is committed to investing in successful businesses across sectors backed by best-in-class management teams in private equity and mezzanine structures, and continues to actively seek opportunities in Asia, Africa and the Middle East.

Bert Kwan, Head, ASEAN at SCPE, commented: “We are honoured to partner with Mr Wong and his family in one of Singapore's flagship, home-grown businesses. It is humbling to have the opportunity to support and extend such an important legacy. We look forward to bringing our management expertise and Standard Chartered Bank’s network and capabilities to help take the business further."

Wong Chen Liong, Managing Director of Phoon Huat Pte. Ltd., said: "We welcome SCPE’s significant stake in the company as it bodes well for our succession planning, which we started a few years ago. As a leading player in this industry, we owe it to our employees, customers and suppliers to ensure continuity and growth and we wish to thank all who have contributed to the success of the company for the past 69 years. We look forward to working with SCPE."