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Shareholders approve divestment of Indofood’s shares in China Minzhong
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Indofood Sukses Makmur director Paulus Moleonoto (left to right), fellow directors Taufik Wiraatmadja and Thomas Tjhie, president director Anthoni Salim, as well as directors Franciscus Welirang and Axton Salim pose after an annual general meeting on May 3. (thejakartapost.com/Anton Hermansyah)
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onsumer goods giant PT Indofood Sukses Makmur (INDF) has secured approval from independent shareholders to divest its shares in Chinese vegetable processing firm China Minzhong Food Corporation Ltd.
In an official statement, Indofood’s corporate secretary Elly Putranti said the agreement was obtained during an extraordinary general meeting of shareholders on Friday.
“Having obtained this approval and the approval of the independent shareholders of First Pacific Company Limited, the parent company of Indofood, on Oct. 19, all preconditions for the transaction as disclosed in the abridged circular on Sept. 14 have been fulfilled,” the statement read.
Publicly listed Indofood plans to sell China Minzhong’s shares to the British Virgin Islands-based investment vehicle Marvellous Glory Holdings for Rp 6.3 trillion (US$482 million). Both the buyer and seller are controlled by Indonesian business tycoon Anthoni Salim.
With the buyout, Singapore-listed China Minzhong will be scrapped from Indofood’s financial books. (win)
