JAKARTA. The Djarum Group will acquire 85% of the shares of PT Griya MieSejati, the parent company of the oldest noodle restaurant chain in Indonesia known as Bakmi GM.

The transaction value for the acquisition of Bakmi GM is estimated to be between IDR 2 trillion to IDR 2.4 trillion, according to a number of sources familiar with the plan, quoted by DealStreetAsia.

This news was not denied by Djarum Group Management. However, so far there has been no further comment from the Djarum Group regarding the acquisition of Bakmi GM.

"We just flow [with the expansion plans]," said Budi Darmawan, Corporate Communications Manager of the Djarum Group, quoted by Kontan Monday (9/12) yesterday.

According to data compiled by idnfinancials.com, Bakmi GM is a noodle restaurant that was opened in 1959, under the name Bakmi Gajah Mada. Currently Bakmi GM has 52 branches and serves more than 30 thousand customers per day.

In Indonesia, the Djarum Group is known for its core business, namely the production of kretek cigarettes. However, as time went by, the Djarum Group also penetrated various other sectors ranging from banking, e-commerce, to property and hospitality.

Previously, the Djarum Group also owned a number of companies operating in the Food & Beverages (F&B) sector. The first is through PT Sumber Kopi Prima which was formed in 2018 and runs a coffee production business. Second, through PT Savoria Kreasi Rasa which runs the isotonic drinks and candy business. (KR/LM)