Japfa sells 80% stake in Indonesian dairy business for US$236m

Japfa's dairy business in Southeast Asia does everything from farming to the branding of dairy products, and is Indonesia's largest dairy farm operations by volume of premium fresh milk produced with a herd size of over 16,000 Holstein and Jersey cattle.

SINGAPORE: Agri-food company Japfa Ltd said on Monday it would sell an 80% stake in its Indonesian dairy business to private equity firms TPG and Northstar Group for $236 million, sending the Singapore-based firm's shares 4% higher.

Japfa's dairy business in Southeast Asia does everything from farming to the branding of dairy products, and is Indonesia's largest dairy farm operations by volume of premium fresh milk produced with a herd size of over 16,000 Holstein and Jersey cattle, according to a statement.