(Clarifies in para 7 that data refers to acquisitions overseas)
* Instant noodle maker to boost capex by 60 pct
* To expand in Asia, build more factories
* Acquisition of China Minzhong will boost revenues
By Fathiyah Dahrul and Eveline Danubrata
JAKARTA/SINGAPORE, May 16 PT Indofood Sukses
Makmur, Indonesia's biggest instant noodle maker, aims
for 10-20 percent growth in revenues this year, helped by its
acquisition of vegetable processor China Minzhong Food Corp Ltd
, it said on Friday.
The company is also targeting capital expenditure of 9.6
trillion rupiah ($838.8 million), around 60 percent higher than
a year earlier, to build more factories and expand in Asia,
officials told reporters at a briefing.
Indofood, whose market value is around $5.4 billion, posted
revenues of 57.7 trillion rupiah in 2013, up 15 percent from the
"The main reason why we are expanding overseas is because in
the long term, there is a lot of knowledge and know-how from
other countries that cannot be found in Indonesia. There are
also many good assets in Indonesia that are not being released
by their owners," President Director Anthoni Salim said.
In the past few years, Indofood has formed joint ventures in
Brazil, China, the Philippines and Japan. But Salim declined to
disclose specific countries where it plans to expand next.
The Indonesian company launched a takeover offer for China
Minzhong in September and controlled nearly 83 percent of the
Chinese firm at the end of 2013.
Last year, Indonesian companies made 11 acquisitions
overseas valued at a total $1.1 billion, down from 23 deals
worth $2.8 billion in 2012, according to Thomson Reuters data
which took into account the net debt of the target firms.
Deals announced in the past few weeks, however, could point
to a pick-up in corporate acquisitions. State energy firm PT
Pertamina said on Thursday it is planning to buy
mostly overseas oil and gas assets to help raise its output.
Last week, state gas utility company Perusahaan Gas Negara
said it is acquiring a 36 percent participating
interest in a U.S. block for $175 million. PT Semen Indonesia
, Indonesia's biggest cement producer, agreed to buy a
stake worth about $30 million in a cement maker in Myanmar.
($1 = 11,445.5000 rupiah)
(Editing by Susan Fenton)