Singapore-based property firm OUE announced that it acquired, through its indirect wholly-owned subsidiary, Oddish Ventures Pte Ltd, a 88.43% stake in Indonesia’s Maxx Coffee Prima (PT MCP) for USD 23.1 million. Shares were bought from PT Inti Anugerah Pratama (PT IAP) and PT Ciptadana Capital (PT CC), which held 45.64% and 42.79% of the total issued share capital of PT MCP respectively.
Founded in 2015, Maxx Coffee operates more than 75 outlets across 22 cities in Indonesia and Singapore. According to OUE, the valuation was based on various factors, including high barrier of entry into the Indonesia food-and-beverage market, opportunity for additional revenue stream through franchising, and Maxx Coffee’s access to prime retail locations in Indonesia.
“The acquisition will synergize with the group’s continuing strategy to scale up and optimize its existing food and beverage portfolio”, OUE’s representative said in a statement. The transaction is in line with the growing interest from foreign investors for Indonesia’s substantial food-and-beverage market.
(Sources: Inside Retail; Singapore Business Review)
