Golden Agri-Resources Ltd announcement that it had signed a letter of intent with Asia Food & Properties Ltd to acquire the latter's food business in China.
The transaction, if completed, will give Golden Agri access to Asia Food & Properties, food distribution network in China, allow it to further enhance the reach of its edible oil products in China, and establish a presence in the mainland's downstream distribution network.
Moody's Investors Service sees no immediate impact on Golden Agri corporate family rating with a stable outlook.
Golden Agri, headquartered in Jakarta, is the largest listed oil palm plantation company in Indonesia. Listed on the Singapore Stock Exchange in 1999, it operates in Indonesia and China and is 49% owned by the Widjaja family.
Asia Food & Properties, headquartered in Singapore, is engaged in the property and food businesses, which includes the manufacturing and sale of instant noodles. It has operations in Indonesia, China, Malaysia and Singapore.
Flambo International Limited, a 49% shareholder of Golden Agri, has a direct and deemed interest of more than 30% in Asia Food & Properties.
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