Indofood Sukses Makmur to Sell 52.9% Stake in China Minzhong Food
Indofood Sukses Makmur (INDF), Indonesia's largest food processing company and - reportedly - the world's largest producer of instant noodles, plans to sell a 52.94 percent stake in China Minzhong Food Corporation Limited (CMFC), a Singapore-listed Chinese integrated vegetable processing firm. Indofood will sell 347 million shares at a price of Sin$ 1.2 per share, hence the sale will have a total value of Sin$ 416.4 million (IDR 3.9 trillion, or USD $313 million). A potential buyer is China Minzhong Holdings Ltd.
China Minzhong Holdings Ltd currently holds a 0.82 percent stake in CMFC, while Indofood holds an 82.88 percent stake (which will decline to 29.94 percent after the share sale). Indofood Director and Corporate Secretary Werianty Setiawan said that the company received a purchase offer for 52.94 percent of CMFC’s shares from China Minzhong Holdings on 31 December 2014.
Joint Venture Indofood and BRF SA
Earlier it was reported that Indofood signed a MoU with Brazilian food processing products maker BRF SA on 19 December 2014 to establish a joint venture to expand into Indonesia’s poultry industry. Both companies will hold a 50 percent stake in the joint venture and plan a jointly investment of around USD $200 million over the next three years. BRF ranks among the world’s top seven food processing makers in terms of largest market capitalization. The company owns 60 factories, 36 distribution centers and 24 branches worldwide.
Stock Quote Indofood Sukses Makmur - INDF:
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