First Pacific Co. Ltd., approved the plan of PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP) to acquires Pinehill Co. Ltd.,  shares with values US$2.99 billion, said the company today (07/17) - Photo: Special

JAKARTA (TheInsiderStories) – First Pacific Co. Ltd., approved the plan of PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP) to acquires Pinehill Co. Ltd.,  shares with values US$2.99 billion, said the company today (07/17). The shares of instant noodle producers in Africa and the Middle East are owned by Pinehill Corpora and Steel Lake Ltd.

Pinehill main markets are Saudi Arabia, Nigeria, Egypt, Turkey, Serbia, Ghana, Morocco and Kenya. According to the company, this transaction is an affiliate transaction because First Pacific’ chief commissioner, Anthoni Salim, has an indirect participation of around 49 percent at Pinehill Corpora.

Previously, Indofood CBP announced the postponement of the holding of an extraordinary general meeting of shareholders with the main agenda of the acquisition plan because it had not yet received approval from the Financial Services Authority.

Based on the announcement, the company will buy 70.83 million shares of Pinehill Corpora, representing 51 percent of the total issued shares of its subsidiary at a price of $1.52 billion. Then, shares owned by Steele Lake as much as 68.05 million units or 49 percent of the total shares that have been issued by Pinehill.

Last year, Indofood CBP received funds from PT Indofood Sukses Makmur Tbk (IDX: INDF) worth Rp1.5 trillion to develop the business. As of March 31, 2020, the company had total assets of IDR 42.1 trillion, total liabilities of IDR 13.32 trillion, and a cash value of IDR.8.87 trillion.

In 2019, the unit of Salim Group posted a net profit of Rp4.17 trillion, growing slightly by 0.24 percent compared to the previous year of Rp4.16 trillion. The company’s net profit margin also dropped from 5.93 percent in 2017 to 5.7 percent.

Indofood CBP involved in a variety of business categories, including noodles, milk, snacks, food seasonings, nutrition and special foods, and beverages. The producer operates the packaging business, producing flexible and corrugated packaging to support our core business. Its business operations are supported by more than 50 factories located in key areas throughout Indonesia.

At present, Pinehill has 12 instant noodle production facilities in eight countries with a total population of 550 million and has a distribution network in 33 countries with a production capacity of 10 billion packs of instant noodles.

US$1: Rp14,300

Written by Editorial Staff, Email: theinsiderstories@gmail.com