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Indonesia’s Indofood CBP to buy Pinehill Co for US$3b

JAKARTA (June 8): PT Indofood CBP Sukses Makmur, owned by Indonesian billionaire Anthoni Salim, plans to acquire a producer of instant noodles in Africa and the Middle East for US$3 billion (RM12.8 billion) to expand in fast-growing markets for consumer products. Indofood CBP, part of conglomerate Indofood Sukses Makmur, will acquire 100% of Pinehill Co from….

BBCA will acquire Rabobank and merge it with its subsidiary

JAKARTA. PT Bank Central Asia Tbk (BBCA), plans to acquire PT Rabobank International Indonesia and merge it with its subsidiary. BBCA estimates that the acquisition may cost Rp 500 billion. However, the final figure will be decided based on Rabobank’s equity value at the time of the acquisition, plus a fixed premium of US$ 20.5….

Kopi Kenangan obtains US$ 109 million from Series B funding round

JAKARTA. Kopi Kenangan, one of the largest coffee shop chains in Indonesia, has just obtained US$ 109 million from a Series B funding round led by Sequoia Capital. In an official statement received at, Kopi Kenangan will use the funds to strengthen its operations in Indonesia. In addition, the company will also allocate funds….

Coronavirus Clouds M&A Lending Market

When financial markets swoon, private equity pros are known for checking the debt side of the equation first as that determines their cost of leverage for deals. Because the full effect of Covid-19, the disease caused by a novel coronavirus, remains unknown, the outlook for lending and M&A is far from clear in the wake of….

Olam International sells 50% shares of Indonesia’s Far East Agro

Singapore’ Olam International has sell its remaining 50 percent stake of Far East Agri Pte. Ltd. for around US$85.0 million to its joint venture partner Thailand-based Mitr Phol Sugar Corporation. After the transaction, the global food and agriculture supplying company food book a capital gain about $40.0 million. Olam divest is part in the sugar joint venture is….

Aviva announces exit, sells entire stake in Indonesian joint venture

British insurance company Aviva Holding Ltd. has announced its exit from Indonesia, selling all its shares in its joint venture in the country, PT Astra Aviva Life (Astra Life), to its partner, PT Astra International. Aviva released the statement on the company’s website on Friday. “The transaction is expected to be completed in quarter four….

Protelindo and CMI will purchase EXCL telecommunication towers

AKARTA – PT Profesional Telekomunikasi Indonesia (Protelindo) and PT Centratama Menara Indonesia (CMI) won PT XL Axiata Tbk’s (EXCL) tower sales tender. The sold towers then will be leased back to EXCL.  President Director & CEO of XL Axiata  Dian Siswarini stated in a press release on Tuesday (11/2), said the sale and purchase agreement for….

Indofood CBP plans to acquire manufacturer of Indomie in Middle East, Africa

Processed food company Indofood CBP Sukses Makmur (ICBP) is planning to acquire instant noodle manufacturer Pinehill Company Limited, which supplies Indomie to the Middle East, Africa and Serbia. ICBP corporate secretary Gideon A. Putro said on Wednesday that the company responded to its British Virgin Island affiliates, Pinehill Corpora Limited and Steele Lake Limited, on….

Nicko Widjaja seeks to emulate MDI success at new firm BRI Ventures

Having led MDI Ventures to clock five exits in a single year last year – a feat bettered by none in Indonesia’s VC game, Nicko Widjaja says he is “chasing his own ghost” as he looks to emulate a similar level of success at his new firm BRI Ventures, the VC arm of the country’s….