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52%of First Pacific shareholders agree to the plan to acquire Pinehill

17 July 2020 15:19

JAKARTA. PT Indofood CBP Sukses Makmur Tbk's (ICBP) plan to acquire Pinehill Company Ltd was finally approved by 52% of the independent shareholders of First Pacific Co Ltd, the Salim Group holding company listed on the Hong Kong stock exchange.

ICBP's acquisition of Pinehill shares was quite complicated because as many as 47.73% of First Pacific's independent shareholders rejected the acquisition plan. The reason, the acquisition of US$ 3 billion was considered too expensive.

However, the shareholders who supported the acquisition explained that theaction would significantly improve ICBP's financial performance.

Pinehill is one of Indomie's distributors and producers in the Middle East and Africa. According to Forbes, Salim Group owns a 51% stake in Pinehill and also holds a 44.3% stake in First Pacific. The 2019 ICBP annual report revealed that Salim is controlling First Pacific. (AM/AR)

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