Indonesia's PT Indofood Sukses Makmur Tbk, one of the world's biggest instant noodle makers, has agreed to sell its entire 49 percent stake in a unit to Japan's Nissin Foods Holdings Co Ltd for $5.4 million.
Indofood, which sells popular instant noodle brands like Indomie and Supermi, signed a conditional sale and purchase agreement to sell 11.7 million shares in PT Nissinmas to Nissin Foods, the Indonesian company said in a stock exchange filing late on Wednesday.
The proposed transaction has to be approved by the Indonesia Investment Coordinating Board and shareholders of Nissinmas.
Facing limited growth in their domestic market, Japanese food companies are keen to expand in Indonesia, which has the world's fourth-biggest population of around 240 million. Southeast Asia's biggest economy is also emerging as an attractive manufacturing base in the region.
