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LPEI supports Richeese Factory’s Malaysian expansion with overseas financing facility
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(Courtesy of Indonesia Eximbank)
I
ndonesia Eximbank (LPEI) has extended overseas financing to support the expansion of Richeese Factory Malaysia Sdn Bhd through a term loan, a type of corporate financing facility. The provision of this facility aligns with Eximbank’s mandate as a government agency to support gastrodiplomacy through the export of services through commercial entities.
Eximbank’s business relationship with Nabati Group, the Indonesian parent company of Richeese Factory, dates back to December 2023.
Richeese Factory Malaysia is a wholly owned subsidiary of the Nabati Group that operates in the fast-food sector. Malaysia, which has a significantly higher GDP and chicken consumption per capita than Indonesia, with the latter recorded at 50.5 kilograms and 12.7 kg respectively, presents a vast market opportunity for Richeese Factory products.
“This overseas financing facility exemplifies LPEI’s support for Indonesian companies investing abroad. We see Nabati Group’s Richeese Factory Malaysia as an inspiring example of Indonesian pride in the global market. This facility is expected to strengthen business growth and create more international opportunities,” said Anton Herdianto, Acting Managing Director of Business, at Indonesia Eximbank.
Richeese Factory Malaysia director Chong Kok Yeow expressed his pride in bringing an Indonesian brand to the international stage.
“With Indonesia Eximbank’s support, we hope Richeese Factory will continue to grow, making Indonesia’s name even bigger in the global market. We look forward to a lasting partnership that offers mutually beneficial solutions,” he said.
As of December 2023, Richeese Factory Malaysia had established several outlets, with an expansion plan for the following year. By October 2024, the company had launched 55 outlets in cities across Peninsular Malaysia, including n Kuala Lumpur, Malacca, Johor, Penang and Selangor.
This initiative also represents Indonesia Eximbank’s tangible support for the government’s Spice Up The World (SUTW) program, which aims to boost the global presence of local food brands and enhance their competitiveness, as well as help domestic food companies access international markets to bring Indonesian products to consumers worldwide.
