On December 20, PT Garudafood Putra Putri Jaya Tbk (FOOD) has signed a joint venture agreement with Hormel Foods Asia Pacific Pte. Ltd, a subsidiary of Hormel Foods Corporation. For information, Hormel Foods Corporation is a food company based in the United States that has several well-known brands such as Skippy peanut butter.
A joint venture company between FOOD and HFAP is called PT Hormel Garudafood. Later, the company will be engaged in manufacturing and marketing animal-free food products containing peanut jam or paste or almonds.
For information, the authorized capital of this joint venture is Rp 10.1 billion divided into 10,100,000 shares with a nominal value of Rp 1,000 per share. Then, the total issued and paid up capital is Rp 2,525 billion.
FOOD will have a 49% stake in the joint venture company. The collaboration is expected to develop the company’s business portfolio in the trade of peanut jam or paste or almond based food.
Source: IDN Financials | 27 December 2019