Indofood Agri Resources gets buyout offer from Indomie brand owner at S$0.28 per share

MAINBOARD-LISTED Indofood Agri Resources has received a buyout offer from Indomie-maker PT Indofood Sukses Makmur, which currently holds a 74.52 per cent stake in the company.

This is with intentions to delist and privatise Indofood Agri, the crude palm oil refiner and sugar cane crop cultivator said on Thursday in a regulatory filing. Indonesia-listed Indofood Sukses Makmur is looking to acquire each offer share at S$0.28 in cash. This gives shareholders an opportunity to realise their investment in Indofood Agri which “may otherwise not be readily available” due to its “low trading liquidity of the shares”, the statement said.

Following the acquisition, Indofood Agri Resources’ fiscal 2018 dividend will be adjusted to S$0.2775 per share from S$0.0025, as the offeror will not be receiving the dividend in respect of the offer shares.The offer document containing the terms of the acquisition will be despatched not earlier than 14 days, and not later than 21 days from the announcement date.

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