Indofood is to sell its 82.88% stake in Singapore-listed vegetable processor China Minzhong Food Corp. to Marvellous Glory Holdings – an investment vehicle indirectly owned by the Indonesia-based food group’s president Anthoni Salim – for SGD651.9m (US$484.1m).

Under the terms of the deal, confirmed in a pre-conditional offer announcement in Singapore yesterday (6 September), Marvellous will also buy out China Minzhong’s minority shareholders with the intention of privatising the company.

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According to the announcement, Marvellous will pay for Indofood’s entire China Minzhong stake with SGD416.4m in cash and the rest in bonds. Indofood will exchange the bonds for 29.94% of China Minzhong. 

Salim, Indofood’s president director and CEO, indirectly owns and controls nearly 93% of Marvellous.

Last month, Indofood reported rising half-year sales and profits, shrugging off the impact El Nino has had on its palm oil production. The company posted a 4.4% increase in consolidated net sales to IDR34.08trn ($2.59bn) for the first six months of the year.

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