Govt sells stake in Indofood<\/p>\n
JAKARTA (JP): The government has sold its remaining 86.3
\nmillion shares, or about 4.7 percent, in publicly listed instant
\nnoodle maker PT Indofood as part of the ongoing privatization
\nprogram.<\/p>\n
The office of the state minister of the empowerment of state
\nenterprises announced on Wednesday that the shares were sold to
\nfund managers through the Jakarta Stock Exchange at Rp 5,800 per
\nshare on Tuesday.<\/p>\n
The placement price was 7 percent below the closing price of
\nIndofood shares during the day, but was about 16 percent higher
\nthan the Rp 5,000 per share the government obtained in the sale
\nof 100 million shares last January.<\/p>\n
The government raised about US$60 million from the latest
\ntransaction, according to PT Jardine Fleming Nusantara, which
\njointly carried out the deal in cooperation with PT Danareksa
\nSecurities and PT Bahana.<\/p>\n
Indofood's majority owner, the Salim Group, has agreed to sell
\na 60 percent stake in the company to Japan's Nissin Food Products
\nCo. and Hong Kong's First Pacific Corp. for $570 million, or Rp
\n3,950 per share.<\/p>\n
But First Pacific said recently the deal hit a snag with the
\npending approval of third parties to the sale.<\/p>",
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