SMC buys into Dharmala<\/p>\n
JAKARTA (JP): Shareholders of publicly listed Dharmala
\nAgrifood yesterday approved management's plan to sell a 49
\npercent share in its subsidiary PT Artacitra Terpadu Feedmill to
\nSan Miguel Foods International (SMFI).<\/p>\n
Dharmala Agrifood director Purnawan Eko Andoko said SMFI, a
\nsubsidiary of the Philippines-based San Miguel Corp, would buy
\nabout 27,930,000 shares for Rp 1,767 (76 U.S. cents) a share,
\naround Rp 767 higher than their nominal price.<\/p>\n
He said Artacitra, the Dharmala group's animal feed and
\npoultry division, would become a joint venture after the sale.<\/p>\n
\"We will maintain a 51 percent stake in the firm,\" he said.<\/p>\n
The group recently merged its seven animal feed and poultry
\nunits into Artacitra.<\/p>\n
He said the merger increased Artacitra's assets from Rp 84
\nbillion to Rp 172 billion, and its paid-up capital from Rp 25
\nbillion to Rp 57 billion.<\/p>\n
The company's net profit is expected to increase next year
\nbecause of the merger.<\/p>\n
He said the firm would make a Rp 20 billion net profit this
\nyear, up 150 percent on last year. (bnt)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/smc-buys-into-dharmala-1447893297",
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