The Jakarta Post
Japanese beverage producer Asahi Group is slated to end on Dec. 31 joint ventures with PT Asahi Indofood Beverage Makmur (AIBM) and PT Indofood Asahi Sukses Beverage (IASB), which were established in collaboration with Salim Group-controlled PT Indofood CBP Sukses Makmur (ICBP).
Asahi Group owned 51 percent and 49 percent shares of AIBM and IASB, respectively, ICBP corporate secretary Gideon Ariprastomo Putro said in a press statement over the weekend.
He said ICBP and its sister company under Indofood group, PT Prima Intipangan Sejati, agreed to buy the shares of Asahi Southeast Asia Pte. Ltd.
"ICBP and Prima Intipangan Sejati have signed a share sale and purchase agreement over the shares issued by AIBM and IASB for US$20 million," he said.
The joint ventures were announced in July 2012, and one year later, the companies acquired PT Pepsi-Cola Indobeverages (PCIB), a joint venture of Salim's Gapura Usahatama and Seven-UP Nederland B.V., for $30 million.
The companies focused on soft drinks, coffee, tea and bottled water under Pepsi, Cafela, Ichi Ocha and Club brands.
ICBP must remove the names of all Asahi products from AIBM and IASB six months after the acquisition, said Gideon, adding that the beverages, however, would still use the Indofood Asahi logo in their packaging for up to one year after the acquisition.
The joint ventures were part of Asahi Group's aggressive expansion into the Southeast Asian market from 2011 to 2014. The group also bought Permanis Sdn. Bhd., a Pepsi Group bottler in Malaysia and Malaysia-based dairy producer Etika Dairies Sdn. (bbn)