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Indofood CBP to set up joint ventures with Asahi

Publicly listed PT Indofood CBP (ICBP) has signed agreements with Japanese beverage group Asahi to set up joint ventures to produce non-alcoholic beverages in Indonesia and market the products in the biggest market of Southeast Asia.

The two firms, slated to be established in September this year, will be manufacturing company PT Asahi Indofood Beverage Makmur, and marketing and distribution firm PT Indofood Asahi Sukses Beverage. ICBP will have a controlling stake of 49 percent and 51 percent in the companies, respectively.

ICBP and Asahi will set aside an investment totalling between IDR1.8 trillion (USD190.8 million) and IDR2 trillion for the two firms within the next two years, with the largest part to be poured into building a non-alcohol beverage plant, ICBP president director Anthoni Salim said.