Here Are Why Sari Roti Divests Its Philippines Business Arm

By Editorial Team 14/09/2020
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Summary

PT Nippon Indosari Corpindo Tbk (ROTI) decided to exit the Philippine market, divesting its share in Sarimonde Foods Corporation, a joint venture between Nippon Indosari and Monde Nissin Corporation, which runs a business in the Philippines. Last week, bread producer who owned the Sari Roti brand signed a share sale and purchase agreement with Monde Nissin Corporation.

"The company has agreed to sell and transfer all of its shares to Monde Nissin Corporation, which will acquire all 55 percent stakes owned by Sari Roti in Sarimonde," said Sri Mulyana, ROTI Corporate Secretary in a disclosure. The sale value of these shares reached 256.15 million pesos, equivalent to Rp 78.27 billion.

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