JAKARTA. PT Unilever Indonesia Tbk (UNVR), the biggest Fast Moving Consumer Goods (FMCG) company in Indonesia, will transfer its ice cream business line to PT The Magnum Ice Cream Indonesia (TMCI).

Padwestiana Kristanti, Corporate Secretary of UNVR, mentioned that the company had signed a business line transfer agreement on November 22, 2024, with TMCI.

TMCI was an affiliated company during the agreement signing, as both are owned by the same parent entity, Unilever PLC.

“However, during the implementation and settlement of the transaction, the buyer (TMCI) is no longer affiliated with the company,” confirmed Kristanti.

The transaction value reportedly reaches IDR 7 trillion, which includes fixed assets of IDR 2.55 trillion and inventories worth IDR 1.99 trillion as of September 30, 2024.

For the record, total transaction value is equal to approximately 204% of UNVR’s equity, making this a material transaction as stated in Financial Services Authority (OJK) Regulation.

Kristanti further said that this corporate action works in line with the plan to spin off ice cream business line across all Unilever Group in the global market. With this spin-off, UNVR is expected to gain its focus more on its core business.

UNVR will hold a General Meeting of Shareholders to obtain approval regarding this business line divestment. (KR/ZH)