FP to buy 8% Indofood stake

FP to buy 8% Indofood stake

HONG KONG (Dow Jones): Shareholders of First Pacific Co. on
Monday approved a US$77 million deal in which the Hong Kong
conglomerate will buy an additional 8 percent stake in Indonesian
PT Indofood Sukses Makmur, First Pacific said in a statement.

As reported in September, First Pacific will issue about 222
million new shares at HK$2.70 apiece for the 8 percent stake in
Indofood, which will boost its holdings in Indonesia's biggest
food company to 48 percent.

The new First Pacific shares will be issued to Liem Investors,
which already owns 43.6 percent in First Pacific. After the
transaction, Liem Investors will own 47.6 percent in the
conglomerate, the statement said.

"Indofood was the largest contributor to First Pacific's 2000
half year profits and our further investment...in this company
will be earnings enhancing," First Pacific's chief operating
officer and finance director Michael J.A. Healy said.

First Pacific, which is controlled by the Salim family, has
over the past few years shed most of its Hong Kong assets and
focused its acquisition strategy on Indonesia and the
Philippines.