JAKARTA - PT Fast Food Indonesia Tbk (FAST), the managing company of KFC fast food chain, retains 70% ownership in PT Jagonya Ayam Indonesia (JAI). The company channels IDR 160.42 billion for the acquisition of series A shares issued by JAI last Friday (28/6).

Dalimin Juwono, Director of FAST, mentioned that the company has taken over 160.427 series A shares, or 70% of 229,181 shares issued by JAI. “The transaction is carried out according to the business expansion that requires broiler and processed chicken supplies to be served to customers,” he said in the information disclosure quoted Wednesday (3/7).

The transaction exceeds 20% of total equity of FAST as of December 2023 of IDR 723.87 billion. FAST and JAI are affiliated due to shared ultimate beneficial owner.

JAI is known to manage an integrated chicken farm project on 8.75 m2 of land in Banyuwangi, East Java. The production capacity reaches 42,000 tons per day, or 76 million tons per five years.

The number of series A shares of JAI is 244,181, and series B shares, 35,000. Shareholder structure consists of Djajeng Pristiwan of 15% of series A shares, Erwin Franciscus Xaverius Bengie of 15% of series A shares, and FAST of 70% of series A shares.

FAST’s total shares as of December 2023 were recorded at 3.99 billion, with shareholders consisting of PT Gelael Pratama of 39.84%, PT Indoritel Makmur Internasional Tbk (DNET) of 35.84%, BBH Luxembourg S/A Fidelity FD Sicav FD FDS PAC FD of 7.90%, the public of 16.34%, and treasury stock of 0.08%. (LK/ZH)