QAF cancels Indofood deal

Sat, 30 May 1998 | Source: DJ

SINGAPORE (Dow Jones): Singapore's breadmaker QAF Ltd said yesterday it decided to abort the proposed acquisition of a majority stake in Indonesian instant noodle maker Indofood Sukses Makmur, as a result of the region's woes.

QAF also said that it has decided to abort the rights issue to finance the acquisition.

The region's continuing uncertainty and difficult economic outlook led to the board's decision, the group said.

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