13 April 1999
Creditors hold up Indonesian deal

CREDITORS owed more than US$1 billion (£619m) are holding up the sale of a 60% stake in Indofood Sukses Makmur, Indonesias biggest food producer.

The group is being sold to First Pacific of Hong Kong and Nissin, a Japanese food maker.

Shareholders in Indofood have approved the sale, but First Pacific has told the Hong Kong stock exchange that third-party consents have not been fulfilled.

Indofood is owned by the financially-stretched Salim Group.

  • Financial Times 13/04/99 page 27