JAKARTA. PT Garudafood Putra Putri Jaya Tbk (GOOD), a processed packaged food manufacturer, divests its land asset to PT Mulia Boga Raya Tbk (KEJU) with a transaction value of IDR 78.78 billion.

Said land is located in Sumedang, West Java. The area is said to reach 25 thousand square metres (m2).

“The transaction is set to take place on June 14, 2024,” said the management of GOOD in the official statement.

For the record, this land divestiture is categorised as an affiliate transaction as regulated by Financial Service Authority (OJK), as GOOD is listed as the shareholder of KEJU with ownership portion of 66.07%.

“This transaction will benefit the company and MBR, as the controlling shareholder of the company, as the company will secure revenue from the divestment of transaction object currently not utilised by the company,” said the management of GOOD.

The land may be used by KEJU to expand the factory and storage warehouse, which is expected to increase production and positively affects GOOD’s consolidated performance. (KR/ZH)