JAKARTA (Yosefardi) – Shares of PT Indofood Sukses Makmur Tbk (INDF) dropped 4.62% to Rp6,200 per share this morning following report it intends to boost ownership in China Minzhong Food Corporation.
China Minzhong informed SGX this morning that it has received a letter from Indofood in relation to a possible offer.
Indofood is already an investor in Minzhong. Thisis a confirmation of media speculation in May 2013 that Indofood would boost ownership in Minzhong.
In February 2013, Indofood acquired 29.3% shares of Minzhong for S$196 million.