What Lies Behind Indofood's Pinehill Acquisition?

By Editorial Team 26/05/2020
Summary

PT Indofood CBP Sukses Makmur Tbk (ICBP) signed an agreement with Pinehill Corpora Limited and Steele Lake, agreeing to acquire Pinehill and Steele stakes in Pinehill Company Limited.

In an information disclosure on Indonesia Stock Exchange (BEI), ICBP Corporate Secretary Gideon A Putro said the transaction was signed on Friday, May 22, 2020, with an exceptional transaction value of US$ 2.99 billion or Rp 44.25 trillion (Rp 14,800 per US dollar).

ICBP information explained it would acquire a total of 80.83 million shares in Pinehill Corpora worth US$ 1.53 billion (Rp 22.49 trillion), equivalent to 51 percent of the total shares issued. The remaining 68.05 million shares (49 percent) owned by Steele Lake will be valued at US$ 1.47 billion (Rp 21.76 trillion).

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