Indofood Agri Resource (IndoAgri)

IndoAgri controlling shareholder buys shares on open market after takeover offer lapses

SINGAPORE (July 8): Dissenting minority shareholders of Indofood Agri Resources are probably rejoicing after the recent failed takeover attempt by controlling shareholder Indofood Sukses Makmur. However, the dust has not settled. ISM appears bent on tightening its grip on IndoAgri — by accumulating the company’s shares on the open market.

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Central banks turn dovish as IMF urges to 'do no harm'

SINGAPORE (Apr 15): Major central banks around the world have maintained a dovish stance, in line with a softer growth outlook by the International Monetary Fund.

In its latest World Economic Outlook on April 9, the IMF lowered its growth forecast for 2019 to 3.3%, from 3.5% previously. This is the third time in six months that the fund has trimmed its outlook. The IMF cautioned that unresolved trade disputes are a challenge for many countries. It also warned that China’s growth “may surprise on the downside”, while risks emanating from Brexit “remain heightened”.

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Indofood Agri Resources gets 28 cents per share offer to delist

SINGAPORE (Apr 11): PT Indofood Sukses Makmur Tbk, the controlling shareholder of Indofood Agri Resources, wants to take the vertically integrated agribusiness group private and delist from the Singapore Exchange.

PT Indofood Sukses Makmur has made a 28 cents per share cash offer to Indofood Agri shareholders to acquire all the shares it does not own. Based on the some 1.4 billion shares issued, the offer values target Indofood Agri at $391 million.

IndoAgri sinks into the red with $20 mil loss for 4Q on weak commodity prices

SINGAPORE (Feb 28): Indofood Agri Resources (IndoAgri) has sunk into a loss of Rp 211.7 billion ($20 million) for 4Q18 compared to Rp 76.9 billion in profit a year ago, due to significantly lower profit in the Plantation Division arising from weak commodity prices.

As such, the group has reported Rp 211.8 billion in overall losses for FY18, as opposed to earnings of Rp 447.3 million for the previous year.

Revenue for 4Q rose 6.5% to Rp 3.8 trillion from Rp 3.6 trillion in 4Q17, due to sales growth in the Edible Oils and Fats (EOF) Division.

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