Indofood set to strengthen instant noodles business in key African, Middle Eastern markets after Pinehill acquisition
On August 3, Indofood CBP received shareholder approval to acquire its associate Pinehill Co. Ltd. for $2.99 billion, setting the Indonesian company on a path to strengthen its presence in key consumer markets in Africa and the Middle East.
When Indofood CBP announced its intention to acquire the British Virgin Islands-registered company in June, valuation and advisory firm KJPP Rengganis, Hamid and Partners said it expects the purchase to improve the Indonesian company’s market position in the eight countries where Pinehill has a strong market presence: Egypt, Ghana, Kenya, Morocco, Nigeria, Saudi Arabia, Serbia, and Turkey.
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