KONTAN.CO.ID - JAKARTA. The Salim Group took a new step after failing to hold a tender offer for the shares of Indofood Agri Resources Ltd (IFAR). Through PT Indofood Sukses Makmur Tbk (INDF), Salim purchased IFAR shares, on Tuesday, July 1, 2019.

Referring to information disclosure on the Singapore Stock Exchange, INDF purchased 56,245,700 shares of IFAR, also known as IndoAgri, at an average price of SGD 0.3249 per share. The total transaction value is around SGD 18.27 million.

After the purchase, INDF now has 1,094,006,530 IndoAgri shares. The shares are equivalent to 78.37% of IndoAgri's total shares. Initially, the portion of INDF shares in IFAR was only 74.34%.

Both to the exchange authority in Singapore and the Indonesia Stock Exchange (IDX), Indofood did not explain the purpose of this transaction.

Perhaps INDF's actions are related to the IndoAgri tender offer that recently failed. The more IFAR share control, Salim's intention to privatize IndoAgri will be more easily realized.

As we know, INDF once held a tender offer for IndoAgri shares listed on the Singapore Exchange. However, until the June 25, deadline, incoming bids do not meet the requirements of the tender offer determined by the Singapore authorities.

The incoming offer will only increase the portion of INDF shares in IndoAgri to 80.08%. This section does not meet the minimum requirement of 90% applicable on the Singapore Stock Exchange.

Editor: Hasbi Maulana