Jakarta, 28 May 2007 - PT Indofood Sukses Makmur Tbk ("Indofood")-JSX:INDF - today announced that its subsidiary Indofood Agri Resources Ltd - SGX-ST: IFAR ("IndoAgri"), has announced the proposed acquisition of a majority interest in PT Perusahaan Perkebunan London Sumatra Indonesia Tbk -JSX:LSIP ("Lonsum"), a listed company in Jakarta and Surabaya Stock Exchange, which is strongly supported by Mr Eddy K. Sariaatmadja, a commissioner of Lonsum.
Pursuant to the proposed acquisition, Mr Sariaatmadja
will acquire a shareholding interest in IndoAgri
, reflecting his
desire to work together with IndoAgri Group
to grow the businesses of Lonsum
and its 90 per cent owned subsidiary, PT Salim Ivomas Pratama (the "IndoAgri Group
") have, on 25 May 2007, entered into a conditional agreement ("Agreement") with i) First Durango Singapore Pte.Ltd., ii) certain funds that have appointed, directly or indirectly, Ashmore Investment Management Limited as their investment manager and iii) Mr Sariaatmadja, pursuant to which IndoAgri Group will acquire: 500,095,000 issued ordinary shares of Lonsum and US$47,000,000 mandatory convertible notes due 2009 ("MCNs") issued by Lonsum which are convertible at face value into 269,343,500 fully paid new shares of Lonsum, for a total cash consideration of approximately Rp5.0 trillion.