Indofood acquires Nissinmas

JAKARTA (JP): PT Indofood Sukses Makmur of the Salim Group announced yesterday that it has signed an agreement to acquire a 49 percent stake in PT Nissinmas, an instant noodle producer.

Indofood said in a statement that under the agreement, which was signed on Tuesday, another 49 percent of the shares will be owned by Nissin Food Products Co. Ltd and the remaining 2 percent by Nissho Iwai Corporation of Japan.

No information on the value of the share acquisition was available.

Nissinmas, which started its operation in 1992, currently has a plant in Bekasi, West Java, with a production capacity of 300 million packages and 60 million cups of instant noodles per annum.

The statement said that the acquisition, which Indofood claims as the formation of a strategic alliance, will help Indofood to boost its exports. (alo)