A company controlled by Indonesian billionaire Anthoni Salim offered to acquire the rest of China Minzhong Food Corp in a deal valuing the Chinese company at S$786 million ($584 million). The deal could help the tycoon exercise greater control over a food empire spanning potato chips, instant noodles and cooking oil. Full ownership of Minzhong Food could also make it easier to sell it off…Full Article: China Daily Sept 2016

Key Point

  • Indofood will sell the majority of its 82.88% stake in China Minzhong to Marvellous Glory Holdings, a British Virgin Islands investment company that is controlled (as with Indofood) by Anthoni Salim. If the buyout is completed, China Minzhong will be delisted from the Singapore Stock Exchange.

ChinaAg Comments

  • By September 2013, Indofood had a 33.49% stake in China Minzhong.
  • In March 2013, Indofood’s stake in China Minzhong increased to 29.33% after an US$85 million investment.
  • In February 2013, Indofood acquired a 14.95% stake in China Minzhong for US$89 million.
  • Founded in 1971 and headquartered in Putian, Fujian Province, China Minzhong Food (SGX:K2N), China Minzhong Food produces over 100 types of processed vegetables that are processed using methods such as air drying, freeze-drying, fresh-packing and brining. China Minzhong carries out industrial level mushroom cultivation in Tianjin and Jiangsu Province.

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