PT Indofood Sukses Makmur Tbk (INDF) is hammering out shares offer of PT Indofood CBP Sukses Makmur.
In a public announcement to Indonesia Stock Exchange today, the shares offer is in attempt to fulfill tax authority for spin-off of instant noodle and seasoning divisions.
On September 4 2009, INDF announced spin off of noodle and seasoning divisions into an independent entity in a bid to improve efficiency, widening financing options, and develop business.
First Pacific Company Limited, a holding company of Salim family, controls 50% stakes in Indofood Sukses Makmur. A new entity dubbed PT Indofood Consumer Branded Products Sukses Makmur (Indofood CBP) was founded on September 2 2009.
Adding to that, Indofood CBP issued new shares as much as net asset value and obligation. In return, INDF may control 99.99% stakes in Indofood CBP, and the remaining stakes go to PT Prima Intipangan Sejati.