Indofood signs deal to acquire Drayton

The world's largest instant noodle maker PT Indofood Sukses Makmur has signed an agreement to pay US$350 million for 100 percent shares in Drayton Pte Ltd and debt worth $100.5 million.

"Indofood signed a transaction agreement with Pastilla Investment Ltd on Monday to acquire 100 percent shares in Drayton, including shareholders debt worth $100.5 million," said Indofood corporate secretary Warianty Setiawan as quoted by Kompas on Tuesday.

Drayton is a Singapore based company with 68.57 percent share ownership in PT Indolakto, a dairy producer with products such as Indomilk, Cap Enaak, Tiga Sapi, Orchid Butter and Indoeskrim.

Warianty said 15 percent of the transaction would be paid in advance and the rest on the settlement date, which would be seven days after all acquisition requirements had been fulfilled.

"The whole acquisition process is expected to be concluded in December this year." (and)