SINGAPORE (Dec 27): Food Empire announced that its wholly-owned subsidiary, Future Investment Holdings, is subscribing to 138,334 shares or 25% of the enlarged share capital of Italy-based 101 Caffe for €2.5 million ($4.0 million).

A wholly-owned subsidiary of Lascola Holdings, 101 Caffe is a distributor of coffee paraphernalia including pods, pads, and capsules through its franchise network.

Following the completion of the share subscription, 101 Caffe will become an associated company of Food Empire.

The group will fund this transaction through internal resources.

Shares in Food Empire last closed at 66.5 cents on Dec 22.