The family of tycoon Husodo Angkosubroto and their partners sold their entire 89.9% stake in Yupi Indo Jelly Gum to Hong Kong-based private equity firm Affinity Equity Partners for 18.4 trillion rupiah ($1.1 billion).
The Angkosubroto family—among the wealthiest clans in Indonesia—and its partners are exiting Yupi Indo, one of Asia’s biggest makers of gummy candies, days after the company debuted on the Jakarta bourse. The company raised 2 trillion rupiah from the sale of 854 million shares at 2,390 rupiah from its IPO.
Under the deal, Sweets Indonesia—jointly owned by the Angkosubroto family with Indonesian investor Cipta Astana Gemilang and Yupi Indo president director Yohanes Teja—sold their entire 7.6 billion Yupi Indo shares at the IPO price to Affinity, Yupi Indo said in a regulatory filing late Wednesday. Affinity had in November agreed to the transaction, which was slated to be completed after the company’s listing, according to the IPO prospectus.
Shares of Yupi Indo traded at 2,310 rupiah in Thursday morning trading in Jakarta, down 3.3% from its IPO price. The West Java-based company, which sells its candies across southeast Asia and 36 other countries, will use proceeds from the IPO to fund working capital and expand capacity, including construction of a new 437-billion-rupiah factory in Nganjuk, about 700 kilometers east of Jakarta.
Angkosubroto, whose family has a net worth of about $1.3 billion based on Forbes’ data, inherited Gunung Sewu Group from his late father, Go Soei Kie, who founded the group as a commodities trader in 1953 and then diversified into real estate and agriculture.
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