JAKARTA. PT Japfa Comfeed Indonesia Tbk (JPFA) purchased all of the shares of PT So Good Food (SGF) owned by Jupiter Foods Pte Ltd and Annona Pte Ltd for Rp 1.21 trillion.
"This transaction will integrate SGF's downstream business, which is the production and supply of branded food," said JPFA'a management in its information disclosure.
JPFA's management added that the acquisition was considered as an affiliate transaction, since JPFA, Jupiter Foods, and Annona are controlled by the same party, Japfa Ltd. Japfa Ltd controls 53.01% of JPFA shares and 100% of Jupiter Foods and Annona shares.
The payment for those shares will be made in two stages. The first stage, in which JPFA will pay 30% of the total transaction value will be made on 30 November 2020. The remaining 70% will be paid with promissory notes. (KR/AR)