PT IndoFood Sukses Makmur TBK, an Indonesian food processing company, is planning to purchase Singaporean agribusiness company IndoFood Agri Resources Ltd.

IndoFood Sukses Makmur, which currently holds 74.52 percent in IndoFood Agri, seeks to acquire about 90 percent in IndoFood Agri.

IndoFood Sukses established a cash offer to buy IndoFood Agri for $0.21 per share, in a 405.38 million Singapore dollar ($300 million) take-private deal.

For the fiscal year 2018, ending December 31, 2018, IndoFood Sukses Makmur's revenues stood at $5.2 billion whereas IndoFood Agri has total revenues of $1 billion.