Indonesia’s Indofood to buy instant noodle maker Pinehill for $3b

Photo by Fidel Fernando on Unsplash

PT Indofood CBP Sukses Makmur, owned by Indonesian billionaire Anthoni Salim, plans to acquire a producer of instant noodles in Africa and the Middle East for $3 billion to expand in fast-growing markets for consumer products.

Indofood CBP, part of conglomerate Indofood Sukses Makmur, will acquire 100% of Pinehill Co. from Pinehill Corpora Ltd., an affiliated party of Indofood CBP, and Steele Lake Ltd., it said Monday. Indofood CBP will hold a shareholders’ meeting on July 15 for the proposed transaction, it said.

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