JAKARTA Aug 21 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
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.
(Reporting by Eveline Danubrata; Editing by Stephen Coates)