Apr 27, 2011

Japfa sells So Good for US$100 mio

PT Japfa Comfeed Indonesia Tbk (JPFA) is considering to dispose PT So Good Food, a maker of sausage under brand name Sozzis and So Nice for consideration price of US$100 million.
So Good will be sold to Jalfa's sister company Jupiter Foods Pte Ltd and Annona Pte Ltd, a prospectus revealed.
Both buyers are controlled by Malvolia Pte Ltd, Japfa's controlling shareholder with 58.32% shareholding.
The shares sale and purchase agreement will put into effect on May 31 2011. 
The takeover price reflects 17x of So Good's price to earning ratio last year. The deal is higher than 2010's value of So Good at US$93.91 million.
Japfa directy owns a 0.08% stake in So Good. However, the company owns 99.92% stake in So Good via PT Ciomas Adisatwa.

Disclosure: No position at the stock mentioned above.  

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