PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP) was reviewing the offer by British Virgin Island' Pinehill Corpora Ltd., and Steele Lake Ltd to acquires their shares - Photo by Indofood Sukses Makmur

JAKARTA (TheInsiderStories) – Food and beverages producer, PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP) was reviewing the offer by British Virgin Island’ Pinehill Corpora Ltd., and Steele Lake Ltd to acquires their shares. No further details on the deadline of the transaction.

“Indofood CBP wishes to announce that on Feb. 11, the company has responded to Pinehill Corpora and a Steel Lake, affiliated parties of the company to explore and assess the offer to acquire all Pinehill Group,” said the company in an announcement released yesterday.

The group engaged in the manufacturing of instant noodle in Saudi Arabia, Nigeria, Turkey, Kenya, Morocco, and Serbia with brand “Indomie”. Both companies get the licensing from ICBP’ parent company, PT Indofood Sukses Makmur Tbk (IDX: INDF).

For the purpose, said the manufacturer, shall conduct a due diligence over the Pinehill Group before deciding wether or not to proceed the offer.

Last year, Indofood CBP gets funds from its holding worth of Rp1.5 trillion (US$107.14 million). in 2018, the company posted 7.9 percent growth in consolidated net sales to Rp38.41 trillion from Rp35.61 trillion in the previous year.

Income from operations increased 23.5 percent to Rp6.45 trillion from Rp5.22 trillion, and operating margin grew to 16.8 percent from 14.7 percent. Income for the year attributable to equity holders of the parent entity rose 20.5 percent to Rp4.58 trillion from Rp3.80 trillion last year and net margin expanded 120bps to 11.9 percent.

Anthoni Salim, the President Director and CEO of ICBP, said, “We will continue our journey ahead focusing for growth by strengthening our market presence, building up our brands that resonate with consumers and improving our competitiveness.”

ICBP is one of a leading players in the consumer branded products sector, engaged in diverse business categories, including noodles, dairy, snack foods, food seasonings, nutrition and special foods, and beverages.

The producer operates a packaging business, producing both flexible and corrugated packaging to support our main businesses. Its business operations are supported by more than 50 plants are located in key areas across Indonesia.

US$1: Rp14,000

by Linda Silaen, Email: linda.silaen@theinsiderstories.com