Indonesian instant-noodle maker Indofood Sukses Makmur (ICBP.IJ) said on Wednesday that it has increased its stake to more than 50% in China Minzhong Food (MINZ.SGX), a Singapore-listed food processor that saw its value drop by half after a short seller attack last week, The Wall Street Journal reported. On Monday, Indofood had offered to buy the shares of China Minzhong that it didn’t own, valuing China Minzhong at US$734 million. The offer came after California-based Glaucus Research Group accused the company of fabricating sales figures to its top two customers.
Categories