Malaysian Agritech IRGA Completes Acquisition of Kingoya Enterprise as Part of Global Expansion
IRGA, a company that specialises in the development of agritech tools and equipment for the plantation and farming sector, recently completed its acquisition of Kingoya Enterprise.
The move is intended to allow IRGA to leverage on Kingoya’s extensive experience in the manufacturing of agricultural tools and equipment for the plantation sector in order to deliver cutting edge agritech solutions to clients in the agricultural industry.
IRGA is developing a complete suite of agritech solutions utilising technologies in the space automation, digitalisation and mechanisation to provide clients with a complete ecosystem of solutions aimed at sustainably boosting operational efficiency and productivity in the plantation sector.
CEO of IRGA, Girish Ramachandran, expressed his enthusiasm for conducting the exercise, stating “Today marks a historic day for both Kingoya and IRGA. Having served as a Board member of Kingoya since 2010, I am very happy to have Yama Yeo and Gopi Nair, founders of Kingoya, on board. We have managed to blend the software technologies of IRGA with the hardware manufacturing expertise of Kingoya, bringing together a core management team of 7 leaders. We foresee rapid growth in our global expansion, in particular the harvesting operation segment of plantation management.”
In 2021, Kingoya achieved revenue of US$2.55 million (RM10.75 million), with 92% generated from exports to 15 countries, globally. The global agricultural equipment market expected to reach US$244.2 billion (RM1.03 trillion) by 2025 according to a study conducted by Grand View Research, Inc there is abundant opportunity in this sector for companies to tap into, while at the same time managing the ESG supply chain risks.
Managing Director of Kingoya, Yama Yeo Keng Loong, was bullish over the acquisition: “We are excited with this new development and look forward to substantial synergies in our operations to grow the business. Kingoya will continue to maintain its leading position as an innovator of harvesting tools and equipment for the oil palm industry. Additionally, our customers will also greatly benefit, as Kingoya through IRGA will be actively exploring automation, mechanisation, and digitalization in the agricultural industry.”
With the combined synergies of IRGA’s research analytics and R&D capabilities, together with Kingoya’s considerable manufacturing expertise, the company aims to deliver the most effective and versatile technology-driven solutions to resolve challenges within the plantation and farming sectors.