JAKARTA (TheInsiderStories) – Shareholders of PT Unilever Indonesia Tbk (IDX: UNVR) give approval on the sale of Spreads business assets which includes intangible assets, namely the right to distribute products with brands global trade Frytol, Blue Band Master and Blue Band, as well as local trademark Oil Samin and Blue Band Gold. Total transaction value is Rp2.93 trillion (US$208.91 million).
The decision have been made in the shareholders meeting of the company on Thursday (21/06). It said, KKR, based in United States, will operates Spreads business in Indonesia through its owned fully subsidiaries. The deal is expected to be signed in July.
In addition, the company will also sell tangible assets such as production assets, equipment, inventory and merchandise and partial lease land and factory buildings in Cikarang, West Java, used to produce product categories Spreads.
Hemant Bakshi as President Director of Unilever Indonesia, said in a statement received by TheInsiderStories: “This segregation of business marks a further step in reshaping and
sharpen our portfolio for long-term growth. Sales will creating a stand-alone Spreads business with a focus on growth and innovation.”
As it is known last year, Unilever N.V. and Unilever Plc (NYSE: NU) received an offer from the American firm TRC Companies Inc, in connection with Unilever’s global Spreads business purchase, including the Spreads category asset at Indonesia managed by the company for €6.825 billion on a cash-free, debt-free basis. The investment is being funded by both the European and North American private equity funds of KKR.
KKR is a leading global investment company which manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships.
Unilever has been operating since 1933 and has become a fast moving consumer company leading goods in the Indonesian market. The issuer is divided into two categories, Home and Personal Care and Food and Refreshment.
Unilever Indonesia was ‘go public’ in 1982 and its shares were listed and are traded on the Indonesia Stock Exchange.