JAKARTA: Indonesia's Indofood CBP Sukses Makmur plans to buy instant noodle maker Pinehill for $3.0 billion as it eyes growth in Africa and the Middle East, according to a stock exchange filing.
The Indonesian food and snack giant, which makes popular Indomie brand instant noodles, said its shareholders will vote on the proposed deal at a July 15 meeting.
Indofood said the purchase "presents a golden opportunity to expand into fast growing and profitable new markets", according to the filing. Through its subsidiaries, British Virgin Islands-based Pinehill has a dozen factories with capacity to produce up to 10 billion packs of instant noodles annually, the filing said.