US agribusiness trading giant Cargill Inc Cargill Inc said it had agreed to pay a total of US$300 million for an 85.01% stake in PT Sorini Agro Asia Coporindo Tbk. Cargill said it agreed to buy the company's shares at IDR3,500 each.
The transaction is subject to approval of AKR's shareholders.
In a separate transaction, Cargill also is acquiring a block of ordinary shares of Sorini from UOB Kay Hian Pte Ltd at the same price per share. This transaction will complete at the same time as the purchase from AKR.
Both share purchase transactions combined will result in Cargill owning 85.01% of the ordinary shares of Sorini, at a combined purchase price of IDR 2,720 billion (approximately USD 300 million). Upon close of the transactions, Sorini will become a subsidiary of Cargill.
Indonesia-based Sorini is one of the world's leading producers and suppliers of sorbitol. The company operates seven manufacturing facilities located in Indonesia's East Java and Lampung provinces.
In a separate transaction, Cargill also is acquiring a block of ordinary shares of Sorini from UOB Kay Hian Pte Ltd at the same price per share. This transaction will complete at the same time as the purchase from AKR.
Both share purchase transactions combined will result in Cargill owning 85.01% of the ordinary shares of Sorini, at a combined purchase price of IDR 2,720 billion (approximately USD 300 million). Upon close of the transactions, Sorini will become a subsidiary of Cargill.
Indonesia-based Sorini is one of the world's leading producers and suppliers of sorbitol. The company operates seven manufacturing facilities located in Indonesia's East Java and Lampung provinces.
Sorini's product range comprises starch and starch derivative products including liquid and powder sorbitol, maltitol, dextrose monohydrate, maltose, and maltodextrine, all used in the production of consumer goods such as food and beverages, cosmetics and personal care, and pharmaceuticals.
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