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Monday, May 9, 2011

Indofood rating raised to idAA+

8/5/2011
Irvin Avriano A.

Indofood rating raised to idAA+

JAKARTA: PT Indofood Sukses Makmur Tbk' rating, a Salim Group holding company, raised a level from idAA to idAA+ by PT Pemeringkat Efek Indonesia (Pefindo) last week. Based on Pefindo research announcement last week, the rating outlook pegged at stable level.

Pefindo analyst Vonny Widjaja said in the statement that the increase rating reflectcompany's cash flow protection supported by better margin and lower financial leverage level.

"The rating also supported by Indofood's superior market position in packaged food industry and favorably diversified and vertically integrated business portfolio." said Vonny, together with Niken Indriarsih, in the statement.

But she added the rating also constrained by tight competition in some business segments.

Indofood now divided its business into four major strategic segment, namely consumer brand product (including noodles, dairy, food seasonings, snack food, and nutrition/special foods), Bogasari/flour, agribusiness (plantations and edible oil and fats, and distributionl.

At the end of last year, Indofood's major shareholder is CAB Holdings Ltd, Seychelles, with 50.05% ownership. The parent company assumed is a SPV entity which located in an African archipelago and smallest population country, just northeast from Madagaskar island.

The other Indofood shareholder are Ibrahim Risjad 0.04%, Anthoni Salim 0.02%, Taufik Wiraatmadja 0.0005%, Fransiscus Welirang 0.0001%, and public 49.89%.

Right now, two Indofood listed subsidiaries (either direct or indirect) are PT Indofood CBP Sukses Makmur Tbk and PT PP London Sumatra Indonesia Tbk (Lonsum). Lonsum is an indirect subsidiary through PT Salim Ivomas Pratama with portion 59.48% ownership.

The others that listed in Singapore Stock Exchange are Indofood Agri Resources Pte Ltd and Indofood Oil & Fats Pte Ltd. Salim Ivomas now is in a process to IPO in the Indonesia Stock Exchange that will targeted around IDR5 trio fresh fund from capital market.

Last year, Indofood CBP already listed their shares for IDR6 trio, but the local investor portion on allotment are less than 5%.

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