Indofood Agri in JV to acquire sugar asset in Brazil for $26.7 mil

SINGAPORE (July 3): Indofood Agri Resources announced that its 50:50 joint venture (JV) with Apia SP Participações, Companhia Mineira de Açúcar e Álcool Participações (CMAA), is acquiring Vale do Pontal Açucar e Alcool Ltda (UVP) for a consideration of BRL 75.9 million ($26.7 million) to be paid in CMAA shares.

UVP is a 100%-owned subsidiary of JFLIM Participações, a 50:50 JV between JF Family and Rio Grande Investment.

UVP is principally engaged in the cultivation and processing of sugar cane for the production and marketing of ethanol and sugar. It currently operates one factory in Minas Gerais with a total cane crushing capacity of 2.5 million MT per year.

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