Friday, 16 December 2022

Hormel Foods International Corporation invests in Garudafood

Jakarta, 16 December 2022 - On December 15th, 2022 there was a sale and purchase transaction of PT Garudafood Putra Putri Jaya Tbk’s (the “Company”) shares on the Indonesia Stock Exchange where some of our shareholders have sold their shares to Hormel Foods International Corporation (“HFIC”), a wholly-owned subsidiary of the NYSE-listed Hormel Foods Corporation, a Fortune 500 company. The total sold shares is 10,768,830,564 shares and represents 29.185% of the Company’s issued and paid-up capital.

Among the selling shareholders is our financial partner/investor Pelican Company Limited (“Pelican”) which invested in the Company in 2018. Pelican has been supporting the Company and management to boost up business performance through its operations improvement and to look for opportunities to grow the business. The Company would like to express our appreciation to Pelican for its supports, participation and contribution for the Company.

The Company also would like to welcome HFIC as our new shareholder of the Company. The management would like to thank HFIC and its parent, Hormel Foods Corporation, for their trust and confidence in the Company and its business prospect in the future. This transaction will also broaden our partnership and deepen our relationship with Hormel Foods Corporation after the establishment of our joint-venture company, i.e.: PT Hormel Garudafood Jaya, for non-meat businesses in Indonesia in 2019 with Hormel Foods Asia Pacific Pte. Ltd., another wholly-owned subsidiary of Hormel Foods Corporation.

“We are very excited to continue expanding and strengthen our partnership with Hormel Foods in growing the Company’s business together in Indonesia. Hormel Foods has more than 130 years of company history so there are many things that we can learn from them. We also find that there are similarities in our company cultures and values, which are very important for a long-term partnership. There are some potential synergies and growth opportunities that we have identified, combining Hormel Foods’ strengths and expertise with our presence and local market knowledge. Finally, we are grateful with all the efforts that our government has made so that Indonesia becomes one of the most attractive destination countries for foreign investment,” explained Hardianto Atmadja, the President Director of the Company.