Nov 25, 2010

Indofood takes over 10% Pacsari Ltd

Indonesia's largest instant noodle player PT Indofood Sukses Makmur Tbk bought 10% or 850,000 shares of Pacsari Pte Ltd in the amount of US$10.5 million or IDR94.47 billion.
"The deal financing is derived from the internal cash," said Indofood Director and Corporate Secretary Werianty Setiawan in a information disclosure published on the website of Indonesia Stock Exchange (IDX).
She said that the deal will raise the company's holding in Pacsari to 100%. The INDF-coded stock company made the deal with Grace Shipping Ltd, a company from Bermuda who owns Pacsari's shares. Pacsari is a shipping company established in Singapore in 1998.
According to Werianty, the transaction excludes material transaction and transaction of conflict of interest as stated in the regulation of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) No.IX.E.1 and IX.E.2.

Disclosure: No position at the stock mentioned above.  

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