Indofood CBP Sukses Makmur Tbk (ICBP) is mulling the acquisition of a company that supplies instant noodles to countries in the Middle East and Africa including Saudi Arabia, Turkey, and Egypt.
ICBP said in a filing with the Indonesian stock exchange on Feb 11, that it is assessing the offer from British Virgin Islands-registered Pinehill Corpora Limited and Steele Lake Limited to acquire all of the issued shares of Pinehill Company Limited, a holding firm that currently owns four subsidiaries.
The Indonesian company said it will conduct due diligence on Pinehill before deciding to acquire the company or not.
Pinehill manufactures Indomie instant noodles, under a licensing agreement with ICBP parent company Indofood, and supplies to Saudi Arabia, Nigeria, Turkey, Egypt, Kenya, Morocco and Serbia.
Processed food company ICBP is behind numerous consumer branded products, including for instant noodles, food seasonings, dairy, snacks, and nutrition.
It reported net sales of 32.79 trillion rupiah ($2.4 billion) for the nine months ending September 30, up 11.2% year-on-year. Its parent company Indofood earned net sales of 57.85 trillion rupiah ($4.23 billion) for the same period, representing a growth of 6% year-on-year.
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