First Pacific eyes Indofood

First Pacific eyes Indofood

HONG KONG (Reuters): First Pacific Co. Ltd said yesterday it was studying investments in dozens of companies, including Indonesian noodle company PT Indofood Sukses Makmur controlled by the Salim family.

"Indofood is among the dozens of companies that have appeared fleetingly on the periphery of our radar screen," said group vice president corporate communications Robert Sherbin.

"Any suggestion that we are going forward with this is wildly premature and based on pure surmise. We have every intention of sitting on our cash until the right opportunity comes about," he said.

The Salim family is the major shareholder of First Pacific.

First Pacific said earlier this month it intended to acquire marketing and distribution business-related companies in the Philippines, Thailand, Indonesia and Hong Kong/China.

The company said it was targeting companies with substantial market share, a strong brand name and strong ability to produce positive cash flow relatively soon.

"Indofood is among many, many of the companies that we have looked at, but I will not give it any special priority," Sherbin said.