Indonesian tycoon Salim risks rare deal defeat

Salim, (pic) Indonesia’s sixth-richest man according to Forbes, owns 51% of Pinehill and also holds 44.3% of First Pacific’s shares, according to corporate filings. ICBP’s 2019 annual report says Salim controls First Pacific.

JAKARTA: One of Indonesia’s biggest tycoons, Anthoni Salim, risks a rare setback if a US$3bil deal between companies he controls is rejected by shareholders today.

Three investors in Hong Kong-listed First Pacific told Reuters they are critical of the price for the deal, which would see its subsidiary Indofood CBP (ICBP), best known for the Indomie noodle brand, buy Pinehill, one of Indomie’s distributors and manufacturers, for US$3bil.