SINGAPORE (Yosefardi) – In line with its strategy to ready itself for future growth, SGX-listed JB Foods is in the process of formalizing the acquisition of an 80% stake in PT JeBe Koko, a cocoa bean processing facility in Gresik, Indonesia.
The acquisition will provide the Group with a cost-competitive bean processing facility to process Indonesian cocoa beans locally.
The investment cost of the acquisition at US$18.4 million is at an attractive discount of 42.3%, when compared to the proportionate fair value of US$31.9 million, as determined by an independent valuer.
With this acquisition, the Group will have a combined capacity of 145,000 metric tonnes cocoa bean equivalent per year to cater to the Group’s future growth in Asia and the rest of the world.
Established since the 1980s, JB Foods is one of the major cocoa ingredient producers in Malaysia with a production capacity of 85,000 tonnes of cocoa bean equivalent per year.