ID FOOD to Divest Three Sugar Mills, Targeting Completion in April 2026

Jakarta, CNBC Indonesia - The state-owned food holding company ID FOOD will soon divest three sugar mills owned by its subsidiaries. This step is being taken as part of portfolio restructuring and business refocusing, following directives from BPI Danantara.

ID FOOD’s Director of Finance and Strategy, Susana Indah Kris Indriati, stated that the divestment process is currently in its final stages with Holding Perkebunan Nusantara (PTPN III), specifically PT Sinergi Gula Nusantara (SGN) or Sugar Co.

“In line with Danantara’s strategy for portfolio clustering. So all our plantations will be transferred to PTPN,” she said during a meeting with Commission VI of the House of Representatives (DPR RI) on Monday (30/3).

Indah added that two other subsidiaries in the plantation sector, namely PT Laras Astra Kartika and PT Mitra Kerinci, will also soon undergo business transfers.

“It’s already in process with SGN, in the final stages. Hopefully, we can close the deal in April,” she stated.

Meanwhile, she continued, subsidiaries with state ownership (series A shares), namely PT Garam, PT Berdikari, PT Perikanan Indonesia, and PT Sang Hyang Seri (SHS), will be taken over by BPI Danantara.

“Then, for the subsidiaries with series A shares, namely Garam, Berdikari, Perindo, and Sang Hyang Seri, they will be taken over by Danantara,” she concluded.