Indonesian billionaire Salim’s entity offers to buy out China Minzhong Food

Photo: Reuters

A company controlled by billionaire Anthoni Salim offered to acquire the rest of China Minzhong Food Corp. in a deal valuing the Chinese company at S$786 million ($584 million), helping the Indonesian tycoon expand a food empire spanning potato chips, instant noodles and cooking oil.

Marvellous Glory Holdings Ltd.  offered S$1.20 in cash for each share in Singapore-listed China Minzhong Food, or 25 percent more the stock’s last closing price. The shares traded at S$1.125 as of 11:24 a.m. in Singapore. Investors can choose an alternative offer in a mixture of cash and exchangeable bonds, according to an exchange filing.

A takeout of the Chinese vegetable-growing and processing company would add to more than a dozen delistings in Singapore — with a combined market value of S$4.5 billion — in the first half of 2016 alone, according to data compiled by Bloomberg.

Salim has a net worth of $3.3 billion, according to the Bloomberg Billionaires Index. His First Pacific Co., through Jakarta-listed PT Indofood Sukses Makmur, owns 82.88 percent of China Minsheng Food. Salim has a combined direct and indirect interest of about 45.11% in First Pacific, the filing showed.

“Valuations have been beaten down so there is a lot of incentive to take them private,” said Jeremy Teong, an analyst at Phillip Securities Pte. in Singapore.

China Minzhong said the proposal would allow “greater control and management flexibility” in implementing “strategic initiatives,” according to the filing. The offer is contingent on the acquirer gaining acceptances for shares carrying more than 50 percent of voting rights, according to the document.

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Indonesian billionaire Salim’s entity offers to buy out China Minzhong Food

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Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.