Garudafood Putra Putri Jaya, the Indonesia-based manufacturer, has signed a memorandum of understanding to acquire a majority stake in Mulia Boga Raya.

In filings with the Indonesia Stock Exchange, Garudafood said the MoU covered 55% of Mulia Boga Raya, which owns Prochiz cheese, a brand sold across south-east Asia.

Garudafood and Mulia Boga Raya, both publicly-listed, have a common shareholder. As of the end of August, Tudung Group owned just over 21.5% of Garudafood and a little more than 14.5% of Mulia Boga Raya. Tudung Group is a holding company controlled by the family of founder Darmo Putro.

In food, Garudafood markets biscuits, confectionery, savoury snacks and dairy products. The company, which dates back to 1994 but was listed in 2018, owns five factories. In 2019, the group generated sales of IDR8.49trn (US$574m), up 4.8% on a year earlier. Sales from food products grew 4.36% to IDR7.15trn. Garudafood’s group net profit rose 2.42% to IDR435.77bn.

The company exports its products to more than 20 countries, focusing on ASEAN markets.

Mulia Boga Raya, which listed in 2019, saw its net sales increase 14.2% to IDR978.8bn last year. Net profit was IDR98bn, up 45.3% on the year.

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By GlobalData