JAKARTA (Yosefardi) – Indofood Agri Resources Ltd, a diversified and integrated agribusiness group and manufacturer of leading brands of edible oils and fats products in Indonesia, has formed joint venture with First Pacific Company Limited to invest 34% in Roxas Holdings Inc, the largest integrated sugar business in the Philippines.
IndoAgri holds 30% interest in joint venture, named FP Natural Resources Limited, while First Pacific controls 70%. INdoAgri will subscribe for 30% of the total issued shares in FP Natural Resources for a cash consideration of US$17.4 million.
First Pacific is the majority shareholder of PT Indofood Sukses Makmur Tbk (INDF), a controlling shareholder of IndoAgri.
IndoAgri posted revenue of Rp3.1 trillion (S$380 million) in third quarter of this year, declining 13% over the same period of last year on falling average selling price of key plantation crops and lower bulk oil and copra-based product sales.