PT Garudafood Putra Putri Jaya Tbk (IDX: GOOD) is in negotiations to acquire a portion of the shares of PT Mulia Boga Raya Tbk (IDX: CHEESE), the producer of Prochiz cheese, from the owners - Photo: Privacy

JAKARTA (TheInsiderStories) – A consumer goods producer, PT Garudafood Putra Putri Jaya Tbk (IDX: GOOD) is in negotiations to acquire a portion of the shares of PT Mulia Boga Raya Tbk (IDX: KEJU), the producer of Prochiz cheese, from the owners. The company owned by local tycoon Sudhamek, prepared funds around Rp1 trillion (US$67.57 million) for the acquisition plans.

The management said, the company has signed a emorandum of Understanding in the context of the plan to take over 825 million shares of KEJU ​​which belong to the sellers, namely Lie Po Fung, Sandjaya Rusli, Berliando Lumban Toruan, Agustini Muara, Marcello Rivelino and Amelia Fransisca.

Referring to the Mulia Boga ​​financial statements, the shareholders of the issuer are Lie Po Fung 36 percent, Sandjaya Rusli 22 percent, PT Tudung Putra Putri Jaya 13.13 percent, Berliando Lumban 9.33 percent, Agustini Muara 8 percent, Marcello Rivelino 2.33 percent, Amelia Fransisca 2.33 percent, and public 6.68 percent.

The acquisition, said the company, was to expand its business networks as well as to strengthen the company’ business position in the food and beverage industry. Initially, the manufacturer involved in modernizing of peanut business with the brand Kacang Garuda.

After success in peanuts business, Garudafood to work on other food businesses like chocolate based snacks, drinks, biscuits, confectionaries, and milk. Originally the producer was a small company build in Pati, Central Java and now has 14 factories spread across the islands of Java, Sumatra and Sulawesi and employed more than 20 thousand people.

Since October 2018, the producer was able to book net sales of Rp6.34 trillion. The history of the issuer business cannot be separated from the role of the founder, Sudhamek, who started leading the company in 1994.

Sudhamek believes that the food and beverage business remains attractive. The market size is large, around Rp205 trillion per year. In the future, he asserted, he will continue to encourage Garudafood to continue to develop in the food business.

US$1: Rp14,800

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