AKR completes divestment of Sorini to Cargill
Saturday, January 29 2011 - 02:43 AM WIB
?The completion of the divestment is quite important step for AKRA and we are proud that the transaction process could be completed quite efficiently,? AKRA president director Haryanto Adikoesoemo said.
The acquisition plan was first announced on Dec. 15, last year but was completed only Friday because the transactions needed shareholders approval. CFI is 99.99 percent owned by Cargill Luxembourg.
Cargill now owns 85.01 percent of Sorini's ordinary shares. With the completion of this transaction, Sorini becomes a subsidiary of Cargill. Kanwarlal Motilal Chopra, president director of Sorini, will continue to lead the business.
As required by Indonesian law, Cargill will make a mandatory tender offer for the remaining shares at Rp 3,500 per share.
"We are excited to be a part of Cargill and by the opportunities accorded to our customers and employees by this transaction," Chopra said in a statement. "The combined capabilities and talents of Cargill and Sorini will enable us to better serve customers in Indonesia, Southeast Asia and other markets."
Based in Indonesia, Sorini is one of the world's leading producers and suppliers of sorbitol. The company operates seven manufacturing facilities located in Indonesia's East Java and Lampung provinces. Sorini's product range comprises of starch and starch derivative products including liquid and powder sorbitol, maltitol, dextrose monohydrate, maltose, and maltodextrine, all used in the production of consumer goods such as food and beverages, cosmetics and personal care, and pharmaceuticals. (giok)