Indonesia’s Indofood to seek shareholder nod for $2.99 bln acquisition of instant noodle affiliate
JAKARTA - PT Indofood CBP Sukses Makmur Tbk’s (ICBP) plans to acquire Pinehill Group is in the final stage and now only requires shareholder approval, the company said in a disclosure on the Indonesian stock exchange on Monday (June 8).
Pinehill manufactures Indomie instant noodles, under a licensing agreement with ICBP parent company Indofood, and has a strong market presence in Egypt, Ghana, Kenya, Morocco, Nigeria, Saudi Arabia, Serbia, and Turkey.
ICBP’s extraordinary General Meeting of Shareholders (EGMS) will be held on July 15 and the company expects the transaction to be completed by August 28.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
