PT Indofood Sukses Makmur Tbk [leading Indonesian food company] has agreed to acquire 14.9% stake in China Minzhong Food Corporation Limited (CMFC), a China-based fresh vegetable processor. Under an agreement signed by both companies, CMFC would issue 98 million new shares, of which 14.95% would be acquired by Indofood. At an average price of US$1.0159 a piece, Indofood will be paying US$89.67 million in total. “This agreement is in line with our objective to continually pursue growth,” said Indofood’s CEO Anthoni Salim said in a disclosure at the Indonesia Stock Exchange (IDX), last weekend.
Source: TempoInteractive Feb 2013