Indonesian noodle maker Indofood CBP Sukses Makmur has increased its stake in Chinese fresh vegetable food processor China Minzhong Food Corp (CMFC).
Indofood has purchased a 14.38% stake of new CMFC shares at S$1.12 each, it said. This increases the company’s ownership to 29.33%.
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The aggregate consideration payable by Indofood for the new shares is S$89.7m (US$72m).
Since its public listing in April 2010, CMFC says it has reported three consecutive years of profit and more than doubled its vegetable farmland area.
