Indofood Sukses acquires 15% stake in China Minzhong at 91.5 cents a share
A MAJOR Indonesian food company has acquired a substantial stake in China Minzhong Food Corporation.
Indofood Sukses Makmur, which is listed on the Jakarta Stock Exchange, subscribed for 98 million new shares of mainboard listed China Minzhong at 91.5 cents apiece last Friday.
This represents a discount of 9.9 per cent over the weighted average price of $1.0159 the day before.
The net proceeds of about $85 million will be used for the company's planned expansion of its industrialised farming operations and as general working capital.