First Pacific approves Indofood acquisition<\/p>\n
HONG KONG (AFP): Shareholders in Hong Kong's First Pacific Co.
\nLtd. on Wednesday approved the acquisition of 40 percent of
\nIndonesian food maker PT Indofood Sukses Makmur Tbk for US$621
\nmillion.<\/p>\n
Minority shareholders voted \"unanimously\" at a special meeting
\nto acquire the stake in Indofood, First Pacific said in a
\nstatement.<\/p>\n
\"We are pleased to see such strong shareholder support for our
\ndecision to acquire Indofood,\" said Thomas Yasuda, First
\nPacific's managing director.<\/p>\n
Indonesia's Salim family currently owns the majority stake in
\nIndofood with the Indonesian government holding a 10.2-percent
\nstake.<\/p>\n
First Pacific is a Hong Kong affiliate of the Salim group.
\nFirst Pacific originally planned to buy a 60-percent stake in
\nIndofood, the world's largest maker of instant noodles, in
\npartnership with Japan's Nissin Food Products Ltd.<\/p>\n
However, the deal collapsed in the face of opposition from
\nsome of the Indonesian firm's 70-strong bank creditors.<\/p>\n
First Pacific then said it would proceed independently with
\nthe acquisition.<\/p>\n
Indofood last month announced a first-half net profit of Rp
\n825 billion (US$123 million).<\/p>\n
Consolidated sales for the six months reached Rp 5.6 trillion,
\nup 40 percent over the same period in 1998, with the instant
\nnoodle business contributing 40 percent of sales.<\/p>\n
First Pacific, operating in 25 countries in Asia as well as in
\nEurope and the United States, is engaged in a wide range of
\nbusinesses including marketing, distribution, banking, property
\nservices and telecommunications.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/first-pacific-approves-indofood-acquisition-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}