JAKARTA. PT Estetika Tata Tiara Tbk (BEEF), a company engaged in the processed food manufacture, will acquire 3 affiliated companies with a total acquisition value of IDR 108.2 billion.

Three companies that will be taken over by BEEF consist of PT Fajar Jaya Anugerah (FJA), PT Sinar Wijaya Utama (SWU), and PT Sukses International Anugerah Pratama (SIAP). BEEF had reportedly signed a Shares Sale and Purchase Binding Agreement with several shareholders of FJA, SWU, and SIAP on December 22, 2023.

The management of BEEF said that the acquisition of 3 companies is carried out in order to support the company’s business activity in the trading, industrial, agriculture, forestry, fishery, and warehousing field.

“Hopefully, with this transaction plan taking place, there will be a positive impact on the company’s business development, both organically and inorganically,” added the management in the official statement.

Regarding said acquisition plan, BEEF will first ask for approval from the Extraordinary General Meeting of Shareholders that is scheduled to take place on March 15, 2024, in Jakarta.

According to IDNFinancials data, BEEF only has cash and bank of IDR 5.19 billion as of September 2023. Its total assets were recorded at IDR 752.14 billion, while the total equity reached IDR 137.1 billion. (KR/ZH)