Indonesia's Indofood CBP to buy Pinehill company for US$3b
[JAKARTA] PT Indofood CBP Sukses Makmur, owned by Indonesian billionaire Anthoni Salim, plans to acquire a producer of instant noodles in Africa and the Middle East for US$3 billion to expand in a fast-growing markets for consumer products.
Indofood CBP, part of conglomerate Indofood Sukses Makmur, will acquire 100 per cent of Pinehill Co from Pinehill Corpora, an affiliated party of Indofood CBP, and Steele Lake, it said on Monday. Indofood CBP will hold a shareholders' meeting on July 15 for the proposed transaction, it said.
Pinehill Group manufactures and sells instant noodles with its key markets being Saudi Arabia, Nigeria, Egypt, Turkey, Serbia, Ghana, Morocco and Kenya. It has 12 factories with a production capacity of about 10 billion packs, Indofood CBP said.
BLOOMBERG
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
P&G raises annual core profit forecast on resilient demand, price hikes
Cordlife calls for trading halt after shares sink to all-time low, pending announcement
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO