JAKARTA (TheInsiderStories) – KKR Jade Investments Pte. Ltd., a private investment company based in United States (US) sold 385 million shares of PT Japfa Comfeed Indonesia Tbk (IDX: JPFA) or around 3.28 percent at price Rp2,200 a share or worth of Rp847 billion (US$60.5 million).
KKR Director Jaka Prasetya confirmed the shares sale. Based on the information disclosure to Indonesia Stock Exchange today (03/05), he said, after the transaction the KKR’ ownership in JPFA dropping to 8.37 percent from 11.65 percent.
Beside KKR the other stock holders of the poultry producer are Japfa Ltd., holds 52.43 percent and the remainder is held by the public and for treasury stock purposes.
The investment company invested in Japfa Comfeed for the first time in June 2016 with 10.44 percent ownership. Later on, KKR injected more capitals to JPFA in two transactions, through private placement of 750 million shares with amount of $52.9 million and purchased 441.7 million the company shares worth of $28.3 million from its holding.
At that time, Ming Lu, Co-Head of Asia Private Equity at the KKR, said that the investment was made because the Indonesian poultry market had a significant opportunity, especially with the increasing middle class. Plus, there is an urbanization trend and an increase in protein consumption.
Beside invest in Japfa Comfeed, KKR also invest in other Indonesian companies, mostly in retail business. During 2016-2017, KKR had shares in PT Nippon Indosari Corpindo Tbk (IDX: ROTI), PT Tiga Pilar Sejahtera Food Tbk (IDX: AISA) as well as injecting capital of PT Bangsa Anak Karya Application (GO-JEK)
In August 2013, KKR bought 9.5 percent of shares in AISA with a transaction value of around Rp400 billion. In the same year, AISA invited the KKR Capstone to participate in a review of the activities of TPS Food food division. The division oversees the production of snacks.
Meanwhile, in GO-JEK was disbursed by KKR joined with Warburg Pincus, Farallon Capital and Capital Group Private Markets in August 2016. Then, KKR acquired 12.64 percent of ROTI’ shares with costs $74 million on Oct. 25, 2017.