The bread producer, PT Nippon Indosari Corpindo Tbk (IDX: ROTI) exit Philippines market after completed the Sarimonde Foods Corp., share sales, a company based in the Philippines - Photo by the Company

JAKARTA (TheInsiderStories) – The bread producer, PT Nippon Indosari Corpindo Tbk (IDX: ROTI) exit Philippines market after completed the Sarimonde Foods Corp., share sales, said the management today. The unit of Salim Group and the Wendy Sui Cheng Yap family has been completed the transaction in Jan. 11, 2021 with total amount PHP256.15 million (US$5.27 million).

Earlier, the issuer has signed the share sale and purchase agreement on Sept. 7, 2020. The company sells and transfers all shares to Monde Nissin Corp., to concentrate on the domestic businesses. Sarimonde operating in the Philippines since 2016.

Beside divested the unit shares, the manufacturer, which makes Sari Roti brand bread, aimed to maximize the company businesses by build two new bakeries in Banjarmasin in South Kalimantan and Pekanbaru in Riau province. Currently, the company operated 14 factories with a total production capacity of 5 million loaves of bread per day.

“These two new factories not only supply South Kalimantan, but also West Kalimantan and Pontianak. While, the factories in Pekan Baru will be equipped with West Sumatra, Jambi and surrounding areas,” said the management in August 26, 2020.

Last year, Nippon Indosari has sold the treasury shares to Singapore-based, Lief Holdings Pte. Ltd., for Rp459.42 billion helped by PT BCA Sekuritas. After the transaction, the investor will hold 6.06 percent of bread producer’ shares.

The existing shareholders still Salim Group through PT Indoritel Makmur Internasional Tbk (IDX: DNET) by hold 25.77 percent, Bonlight Investments Ltd. 20.79 percent, Demeter Indo Investment Pte. Ltd. 19.64 percent, Pasco Shikishima 8.50 percent, and public 19.23 percent.

The buyer owned by the Yap family and Wendy Yap, who is currently the president director of Nippon Indosari. Beside divests its assets, in this year, the manufacturer strives to maximize the company businesses by build two bakeries in Banjarmasin, South Kalimantan and Pekanbaru in Riau province.

“These two new factories not only supply South Kalimantan, but also West Kalimantan and Pontianak. While, the factories in Pekan Baru will be equipped with West Sumatra, Jambi and surrounding areas,” said the management on August 26.

Established in 1995, Nippon Indosari produce and sell a wide range of bread and cake products which have become a recognized staple in many Indonesian homes. Until September of 2020, its net profit down 39.92 percent to Rp127.19 billion ($9.02 million), from the same period of 2019 amounting to Rp211.71 billion.

The revenues also slightly dropped 0.81 percent to Rp 2.44 trillion from a year ago Rp2.46 trillion.

US$1: PHP48.55, Rp14,100

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