Indofood Singapore has been buying Indofood Agri shares on the market since July, when its stake was only 74.3%. The company’s results continue to be lacklustre. Revenue for 2QFY2019 ended June 30 fell 6.6% to IDR3.1 billion ($302,859), while losses surged 215% to IDR216.5 million.
(Sept 23): Indofood Agri Resources’ controlling shareholder, Indofood Singapore Holdings, has raised its stake in the company, following a failed takeover bid in June.
On Sept 11 and 17, PT Indofood Sukses Makmur, a holding company of Indo food Singapore, acquired 12.9 million shares and 369,500 shares respectively in Indofood Agri. The two transactions totalled $4.3 million and gave Indofood Singapore an 81% stake in Indofood Agri via direct and deemed interest.
