Magazines Archives - 2008 November

Auric Pacific raises stake in Food Junction to boost industry presence
Story 7 - Food Business Area

SINGAPORE food and consumer products distributor Auric Pacific Group Limited has raised its stake in local food-court operator Food Junction Holdings to a controlling 54.4% stake from 29.9% previously.

A unit of Indonesia’s Lippo Group, Auric Pacific, which markets Sunshine and Top-One bread and bakery products alongside fine wine, announced last September that it had purchased the additional stake through whollyowned subsidiary APG Strategic Investment Pte Ltd.

The shares were bought this year at S$0.55 (US$0.37) per share, a 31% premium over the last transacted price on July 4 before the deal was finalised.

“With the successful completion of the partial offer for Food Junction, we are well poised for further regional expansion in line with our strategy to build a significant core presence in the food and retail industries. We look forward to working with the management of Food Junction on their plans for its food-court and related businesses,” said Stephen Riady, executive director of Auric Pacific. Pte Ltd.

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