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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.

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