Deliberations on the planned sale are still ongoing and there is no certainty that Japfa will proceed with the transaction, the people said.
A representative for Japfa responded to queries by directing Bloomberg News toward a Singapore stock exchange filing Monday. While Japfa is exploring a potential transaction with certain parties relating to its subsidiary Greenfields Dairy Singapore Pte, there is no certainty or assurance that any specific or definitive transaction will materialise as a result, according to the filing. PT Greenfields Indonesia is a unit of Greenfields Dairy Singapore.
A representative for PT Greenfields Indonesia did not respond to requests for comment.
See: Analysts favour Japfa for its strong 1H20 earnings
Greenfields, established in 1997, produces fresh milk in an integrated farm and dairy processing facility, according to its website. It has over 10,000 Holstein and Jersey cows and produces over 43.5 million litres of fresh milk each year.
In addition to supplying the Indonesian market, Greenfields also sells a significant portion of its finished products in Singapore, Malaysia, Hong Kong, Philippines and other countries in the region.
Japfa, which is backed by Indonesian tycoon Handojo Santosa, has more than 40,000 employees working across an integrated network of farming, processing and distribution, according to its website.
