QAF revises takeover terms

Sat, 29 Nov 1997 | 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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