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NEWS UPDATES 19 August 2009

Indonesian noodle giant buys plantation firm

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Sukses Makmur, a subsidiary of the world’s largest noodle manufacturer, PT Indofood, announced Tuesday that it was in the process of acquiring a local plantation company in a deal worth 8.5 billion rupiah ($850,000).

Through its subsidiaries – PT Serikat Putra and PT Indoagri Inti Plantation – Indofood Agri Resources signed an agreement last week to purchase 100 percent of shares in PT Intimegah Bestarui Pertiwi, a local plantation company that currently holds location permits for 10,000 hectares of land in South Sumatra.

The deal is expected to be completed in mid September, a statement filed to the stock market authority said Tuesday.

Under the agreement, Indofood will pay 4.25 billion rupiah on the signing date, while the remaining 4.25 billion rupiah will be paid on the date of completion.



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