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HONG
KONG conglomerate First Pacific Co., the controlling
shareholder of Philippine Long Distance Telephone Co. (PLDT),
is acquiring plantations in Indonesia, not an Asian
phone company.
The
acquisition will be done by Indofood Sukses Makmur Tbk,
a unit of First Pacific, according to a text-message
reply on Monday by Manuel Pangilinan, First Pacific
managing director and chief executive officer.
He said
the plan to purchase plantations is what First Pacific
will announce. Trading in shares of First Pacific was
suspended last week pending an announcement in relation
to a major transaction.
Pangilinan said the impending announcement was not about
a reported plan to buy a phone firm in Asia.
There
are ongoing talks that First Pacific may buy Indonesian
phone firm Excelcumindo Pratama TBK or new entrant
Mobile-8.
Also,
there are rumors that former Smart Communications Inc.
executive Anastacio Martirez, now the chief executive
officer of Sinarmas Telecom in Indonesia, will be
working soon for First Pacific.
Martirez
did not reply when asked if he would soon be working
again with Pangilinan.
Indofood
is the world’s largest instant noodle producer, with 14
production facilities located across
Indonesia.
It plans to increase its annual production capacity to
approximately 15 billion packs from 13.5 billion. Last
year, production utilization increased to 84 percent
from the previous years 70 percent.
In 2006,
Indofood retained its market leadership in most of its
key product categories: a 77-percent share of the
instant noodles market; a 67-percent share of the flour
market; a 43-percent share of branded oil market; and a
59-percent share of the margarine and shortening market.
This
year, Indofood said it will continue to strengthen its
market position by leveraging its industry competence
and extensive distribution system. |
