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Economy in brief: IndoAgri subsidiary to invest in sugar mill
Indofood Agri Resources (IndoAgri), a subsidiary of PT Indofood Sukses Makmur (INDF), has strengthened its business penetration in Brazil by creating a joint venture to invest in sugar mill businesses
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ndofood Agri Resources (IndoAgri), a subsidiary of PT Indofood Sukses Makmur (INDF), has strengthened its business penetration in Brazil by creating a joint venture to invest in sugar mill businesses.
IndoAgri, through its Brazilian subsidiary, IndoAgri Brazil Participaçôes Ltda. (IndoAgri Brazil) and its joint venture partner, JF Investimentos SA (JF), have agreed to invest in a new joint venture called Canápolis.
“Pursuant to a share subscription agreement entered into between IndoAgri Brazil and JF, each partner will contribute an initial capital of BRL 23.6 million [approximately US$7.2 million],” Mark Wakeford, IndoAgri CEO and executive director, said in a statement published on the Indonesia Stock Exchange (IDX) on Monday.
After the capital injection by both parties, Canápolis will become a 50 percent 50 percent joint venture between IndoAgri and JF. IndoAgri Brazil injected capital on Feb. 15.
Canápolis group was founded in November 2017, and in December 2017, it acquired a sugar mill factory in Minas Gerais, Brazil, with a cane crushing capacity of 1.8 million tons per year, through a court auction that took place after the former owner became bankrupt.
