Jakarta. Indofood CBP Sukses Makmur, a listed food and beverage unit of diversified Indonesian conglomerate the Salim Group, will buy out its Japanese partner, the Asahi Group's stakes in two beverage joint ventures for $20 million by the end of next year.
The two companies signed a conditional purchase agreement on Friday (22/12) for the acquisition of the Japanese firm's 51 percent stake in Asahi Indofood Beverage Makmur and 49 percent stake in Indofood Asahi Sukses Beverage.
The deal, which is subject to approval by shareholders of both Indofood CBP and Asahi, is expected to be concluded by Dec. 31, 2018, Indofood CBP corporate secretary Gideon A. Putro said in a statement to the Indonesia Stock Exchange (IDX) on Friday.
Indofood CBP and Asahi established the joint ventures in 2013 to enter the bottled water business, which accounts for about a third of Indonesia's non-alcoholic beverage market.
The two joint ventures manufacture and distribute Club bottled water, Ichi Ocha bottled tea and Pepsi Cola and 7-Up soft drinks, among others.