Asia Pacific Breweries will pay $484.4 million for Heineken NV’s stakes in PT Multi Bintang Indonesia and Grande Brasserie de Nouvelle Caledonie SA as it expands in Indonesia and New Caledonia.

Asia Pacific Breweries, whose brands include Tiger Beer, will also separately receive $51.9 million from the sale of its Indian brewery operations to Heineken, the Singapore-based company, also known as APB, said in a stock exchange statement today.

The acquisitions expand the company’s footprint in “two new countries, which are very strong performing beer markets,” Chief Executive Officer Roland Pirmez said in the statement. Multi Bintang Indonesia and Grande Brasserie de Nouvelle Caledonie both have track records of “profitable growth which will be immediately accretive to earnings,” he said.

APB, a joint venture between Singapore’s Fraser and Neave and Heineken, on Nov 12 reported a 39% increase in net income to $172.4 million for the 12 months to Sept. 30.

In connection with the transactions, both APB and Heineken have given certain undertakings not to compete with each other in Indonesia, India and New Caledonia. APB’s Tiger Beer will still be available in India, the statement said.

APB shares, which have risen 19% this year, closed little changed at $12 in Singapore today. Multi Bintang’s stock, which has soared 302% since January, closed today up 14% at 199,000 rupiah ($29.3).