Food Empire (F03.SI) saw its stock soar 3.30% in early trading on Friday, following the announcement of a strategic partnership with Santan Food Services, a brand under AirAsia's non-airline subsidiary RedBeat Ventures.
The collaboration aims to co-develop and launch a new range of ready-to-drink beverages, with the initial product being a Vietnamese iced coffee. This new offering is set to be sold on AirAsia flights and through various retail channels across the region, potentially opening up significant new markets for Food Empire's products.
Investors appear optimistic about the partnership's potential, as it not only provides immediate opportunities but also paves the way for further co-branded and private label initiatives. The companies plan to explore a wider range of beverages and snack products, which could lead to expanded revenue streams for Food Empire in the future. This positive sentiment is reflected in the stock's strong performance, building on its previous day's gains when it closed 5.5% higher at S$2.12.
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