Hilton has announced that it has entered into a strategic partnership with Country Foods Pte, which is a Singapore-based food solutions business servicing the HORECA and retail channel in South East Asia. It is the leading protein importer, distributor and processor in Singapore. Country Foods is a subsidiary of SATS which is a leading provider of food and gateway services. The partnership will commence in Q1 2023 and this will allow Singaporeans access to high quality protein products from the Hilton portfolio, including seafood, slow cook meats and Australian beef, pork and lamb products. In addition, Hilton Services will work with Country Foods to help improve Country Foods’ own manufacturing/logistics operations, improving efficiency, executing sustainable packaging solutions and improving product traceability. These are all skills Hilton has built through establishing its own global manufacturing enterprises. It is possible this collaboration may in future lead to joint involvement in establishing new assets in the region. This entry into a new region is done at low risk and low capital cost. The usual template for Hilton, when it secures a new retail customer, is to build a dedicated facility. However, going via an existing operator in the market on this occasion allows it to build sales revenue, but with little upfront financial outlay. In the longer run though, Hilton does have a preference for direct control of its operations, as we saw with the changing structure of the Australian operations which started out as a partnership but which are now wholly owned. At this stage, we leave our financial assumptions unchanged. There is no guarantee of revenue in this partnership, although the high quality of the Hilton protein offer should hopefully attract custom.