PT Garudafood Putra Putri Jaya Tbk is entering a new chapter in its business development. The company owned by conglomerate Shudamek Agoeng Waspodo has a new investor.
It is the Hormel Foods International Corporation (HFIC), which is all a subsidiary owned by Hormel Foods Corporation. HFIC is a global branded food company that is included in the Fortune 500 group and is listed on the New York Stock Exchange (NYSE: HRL).
The arrival of HFIC took place on Thursday, December 15 through share sale and purchase transactions of 10.77 billion or 29.18 percent of Garudafood's issued and paid-up capital. Referring to trading data from the Indonesia Stock Exchange (IDX), in yesterday's trading, GOOD's shares recorded a transaction of IDR 6.25 trillion in the negotiation market.
This value involves a volume of 2.12 billion shares at a price of IDR 580 per share.
These stocks come from several shareholders, one of which is Pelian Company Limited (Pelian) who invested in the company in 2018.
"Pelican telah mendukung perseroan dan manajemen untuk meningkatkan kinerja bisnisnya melalui perbaikan operasional dan mencari peluang untuk pengembangan bisnis perseroan. Perseroan menyampaikan apresiasi kepada Pelican atas dukungan, partisipasi dan kontribusinya bagi perseroan. Perseroan juga ingin menyambut HFIC sebagai pemegang saham baru perseroan," kata Presiden Direktur Garudafood Hardianto Atmadja dalam keterangannya, Jumat 16 Februari.
Hardiantor also thanked HFIC and its parent, Hormel Foods Corporation for their trust and confidence in the company and its future business prospects. "This transaction will also expand the company's partnership and strengthen the company's relationship with Hormel Foods Corporation," said Hardianto.
In 2019, Garudafood founded a joint venture company, namely PT Hormel Garudafood Jaya, for a non-mild business in Indonesia in 2019 with Hormel Food's Asia Pacific Pte. Ltd., another subsidiary wholly owned by Hormel Foods Corporation.
We are very excited to continue to expand and strengthen our partnership with Hormel Foods in developing the company's joint business in Indonesia. Hormel Foods has a company history of more than 130 years so that we can learn a lot from them. We also found similarities in terms of our corporate culture and values that are very important for long-term partnerships," Hardianto added.
There are several potential synergies and growth opportunities that the company has identified, namely combining the strength and expertise of Hormel Foods with the existence and knowledge of our local market. Hardianto also appreciated all the efforts made by the government so that Indonesia became one of the most attractive foreign investment destination countries.
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