JAKARTA - PT Unilever Indonesia Tbk (UNVR) will sell its ice cream business line to PT The Magnum Ice Cream Indonesia worth IDR 7 trillion. The signing of this business transfer agreement took place last week (22/11).

Padwestiana Kristanti, Corporate Secretary of UNVR said that the company and The Magnum are affiliated under the ownership of Unilever PLC. "However, at the time of implementation and completion of the transaction, the buyer was no longer affiliated with the company," she said, quoted on Tuesday (26/11).

The sale of the ice cream business line is related to the Unilever Group's plan to separate the ice cream business globally. This step provides an opportunity for the company to realize the value of its investment in the ice cream business in Indonesia and return value to shareholders in the short term.

The business transfer transaction value is set at IDR 7 trillion, which includes fixed assets of IDR 2.55 trillion, net book value as of September 30, 2024 of IDR 1.99 trillion, and inventory value of IDR 172.79 billion. The transaction price was above fair value according to an independent appraiser of IDR 6.54 trillion. Meanwhile, the transaction value of 204% of UNVR's equity is IDR 3.43 trillion as of September 2024.

This plan is awaiting shareholder approval at the Independent General Meeting of Shareholders (GMS). (LK/LM)