Anjoy Foods Group (安井食品) has agreed to acquire 60.0005% of Singapore-based International Foodgnostics Corporation Pte. Ltd. (IFC) for US$30.47 million in cash. The proposed acquisition would add frozen bakery capabilities and operations in China, Singapore and Malaysia.
The agreement was signed and approved by Anjoy’s board on October 12. Completion remains subject to Chinese outbound investment procedures and other closing conditions, with January 31, 2027 set as the contractual deadline. Shareholder approval is not required.
IFC develops, manufactures and sells frozen cakes, breads and related products. Its established Chinese operations serve coffee, tea-drink, bakery, e-commerce and supermarket channels. Its Singapore and Malaysian entities would also provide a platform for Anjoy’s Southeast Asian expansion.
IFC reported audited 2025 revenue of SGD 98.63 million and net profit of SGD 5.50 million, including SGD 5.14 million attributable to its shareholders.
The agreement sets a cumulative attributable-profit target of SGD 18.01 million for 2026–2028, with compensation obligations borne by the two continuing minority shareholders, Tay Teck Eng and Boo Choon Chik. A further 10% acquisition after the commitment period is conditional on performance, valuation, ownership and regulatory requirements.
For Anjoy, the transaction combines two objectives: strengthening its domestic frozen bakery business and gaining operating experience in Southeast Asia. Acquiring an established business could shorten the time needed to develop products, production capabilities and customer relationships.
The international significance will depend on how Anjoy uses that platform. Singapore headquarters alone do not establish a predominantly overseas business, particularly when the target already has substantial Chinese operations. If the deal closes, progress should be measured through integration, customer retention and growth in the relevant markets. Performance commitments provide contractual protection, while repeat demand and operating results will determine the acquisition’s commercial value.
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