After prolonged talks, Sudhamex A.W.S., owner of PT GarudaFood Putra Putri Jaya, eventually agreed not to sell stake of his company, but he seems happy to set up a new joint venture company with Japanese retailer Suntory Beverage & Food Ltd.
In a press statement today, GarudaFood and Suntory will establish the joint venture focusing in non-alcohol beverage business. "The joint venture agreement was signed on July 14 2011," said the statement.
Sudhamek said Suntory will control 51% stake in the joint venture company and GarudaFood will own the remaining shareholding.
According to him, Suntory is one of divisions of Group Suntory producing non-alcohol beverage products such as Suntory Oolong tea, Boss, and Orangina. Suntory Group is the second largest beverage playes in Japan with a total sales of Rp183 trillion last year. The group also manages global networks in Asia, US, Europe, Australia, and New Zealand.
Disclosure: No position at the stock mentioned above.
Print This Article