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View all search resultsDutch firm FrieslandCampina to control Ultrajaya after $822m merger deal
Assuming all existing Ultrajaya shareholders do not exercise their rights to buy some of the new shares, FrieslandCampina International Holding B.V will hold a 30.81 percent stake in the combined entity following the merger of Ultrajaya and Frisian Flag Indonesia.
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Products of publicly listed PT Ultrajaya Milk Industry & Trading Company (Ultrajaya website/-)
D
utch dairy firm FrieslandCampina International Holding B.V (FCIH), the parent company of PT Frisian Flag Indonesia (FFI), has announced a strategic partnership to acquire a controlling stake in publicly listed PT Ultrajaya Milk Industry & Trading Company.
After the deal, FCIH is set to become the new controlling shareholder of Ultrajaya, replacing the Prawirawidjaja family, through a noncash contribution scheme and a rights issue by Ultrajaya.
Read also: Frisian Flag to develop free school lunch & milk pilot program
“As part of the transaction, FrieslandCampina will obtain a controlling interest in Ultrajaya, which will only be effective upon completion of the transaction,” Ultrajaya management said in a statement published on Friday.
“Closing of the transaction remains subject to customary approvals, including Ultrajaya’s shareholders getting approval from the authorities in Indonesia.”
FFI is currently owned by FCIH, which holds a 78.09 percent stake, along with Blue Waves Group Ventures (BWG) and PT Bahtera Wiraniaga Internusa (BWI). The shares of FFI’s equity were valued at Rp 14.57 trillion (US$822.4 million) on July 31.
Under the deal structure, all FFI shares would be transferred to Ultrajaya. At the same time, Ultrajaya would issue up to 7.88 billion new shares priced at Rp 2,150 apiece. Ultrajaya’s current controlling shareholders, Sabana Prawirawidjaja, PT Prawirawidjaja Prakarsa, Samudera Prawiradjaja and other individual shareholders, have agreed to transfer their rights to purchase the new shares to FFI’s shareholders.
