Tiga Pilar Sejahtera Food, an Indonesian producer of dried noodles, plans to sell a 35 percent stake in palm oil producer Bumi Raya Investindo to Bunge Agribusiness, a unit of global agribusiness and food company Bunge, according to Investor Daily. Tiga Pilar is expected to raise $43 million from the sale, the newspaper reported.
The sale would reduce Tiga Pilar’s ownership in Bumi Raya to 64.9 percent from 99.99 percent, the paper reported. Shares of Tiga Pilar rose 1.5 percent to Rp 670 on the Indonesia Stock Exchange (IDX) on Wednesday.
The Jakarta Globe