QAF revises takeover terms

Sat, 29 Nov 1997, 00:00 WIB | Source: REUTERS

SINGAPORE (Reuters): QAF Ltd. said yesterday it was re-
examining and would possibly revise the terms of its takeover of
Indonesian noodle-maker PT Indofood Sukses Makmur.

It said in a statement this was due to the current market
conditions and the regional currency crisis since July 1997.

"No decision has yet been made and an appropriate announcement
will be made in due course on the status of the transaction," the
company said.

In July, QAF announced the proposed purchase of a majority
stake in PT Indofood for about Singapore $2.75 billion based on
the then prevailing exchange rate of 1,700 rupiah to S$1.

It said the purchase would be financed by a proposed rights
issue to raise between S$2 billion and S$2.2 billion and a term
loan facility from banks for the remaining sum.

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