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The remaining 15% will be held by BT Cocoa founding members Piter Jasman and family. "We are excited to have the opportunity to rapidly expand our footprint in Asia and to develop this business [which] will enable us to deliver world class cocoa ingredients and services […] in one of the fastest growing regions in the world," added Olam.
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AIKI chairman Piter Jasman said farmers often lack technical assistance, which affects local cocoa production and makes other cash crops, such as oil palm, to be considered as more lucrative alternatives.. like in Malaysia," Piter said. The neighboring country produced around 247,000 tons of cocoa beans in 1990, which dropped to a mere 3,000.
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"The relationship with Olam Cocoa represents a powerful opportunity for BT Cocoa to significantly expand our market with enhancements to quality, safety and ethically responsible cocoa products," says Piter Jasman of BT Cocoa. "The past 3 years of collaboration has clearly demonstrated the potential for delivering better value.
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Indonesia, the top producer and processor in the area, imported about 240,000 metric tons of beans last year, a record, and may buy more in 2019, said Piter Jasman, chairman of the country's.
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Singapore-based global food and agri-business Olam International has acquired an 85% stake in YTS Holdings, which has a 100% stake in Indonesia's cocoa processor PT Bumitangerang Mesindotama (BT Cocoa), for a consideration of $90m. The remaining 15% stake in YTS Holdings will be held by the founding members of BT Cocoa, Piter Jasman and family.
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Piter Jasman of BT Cocoa, said: "The relationship with Olam Cocoa represents a powerful opportunity for BT Cocoa to significantly expand our market with enhancements to quality, safety and ethically responsible cocoa products. The past 3 years of collaboration has clearly demonstrated the potential for delivering better value.
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Olam has acquired an 85% share of YTS Holdings for a consideration of US$90 million ($121.4 million). YTS is the 100% owner of PT Bumitangerang Mesindotama (BT Cocoa). The remaining 15% of shares are to be held by the founding members of BT Cocoa, Piter Jasman and family. The acquisition will add 120,000 metric tonnes of cocoa bean processing.
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"The relationship with Olam Cocoa represents a powerful opportunity for BT Cocoa to significantly expand our market with enhancements to quality, safety and ethically responsible cocoa products," said Piter Jasman of BT Cocoa. "The past three years of collaboration has clearly demonstrated the potential for delivering better value.
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Cocoa grinding capacity in Southeast Asia's biggest economy will be 600,000 tonnes in 2014, Piter Jasman, chairman of the Indonesian Cocoa Industries Association told Reuters, up from 324,000.
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BT Cocoa was founded by Piter Jasman and family, and supplies many local, regional and global manufacturers with cocoa powder, cocoa butter and cocoa mass. It has customers in more than 50 countries around the world with distributors in all major consumption regions.
Olam announces acquisition of BT Cocoa, Indonesia’s largest cocoa processor News sweets
Olam International said on Tuesday it has acquired an 85 percent stake in the parent of Indonesia's largest cocoa processor as it seeks to supply a growing market for cocoa products in Asia.
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The Singapore-based global food and agri-business said it would pay US$90 million for the stake in YTS Holdings Pte, the owner of PT Bumitangerang Mesindotama (BT Cocoa). The remaining 15 percent of shares are to be held by the founding members of BT Cocoa, Piter Jasman and family. The acquisition will see production increase, adding 120,000.
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Piter Jasman of BT Cocoa, said: "The relationship with Olam Cocoa represents a powerful opportunity for BT Cocoa to significantly expand our market with enhancements to quality, safety and ethically responsible cocoa products. The past 3 years of collaboration has clearly demonstrated the potential for delivering better value.
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The remaining 15% is held by the founding members of BT Cocoa, Piter Jasman and his family. The deal will add 120,000 tonnes of cocoa bean processing capacity and 30,000 tonnes of cocoa mass.
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The remaining 15 percent of shares are to be held by the founding members of BT Cocoa, Piter Jasman and family. The acquisition strengthens Olam Cocoa's brand portfolio offering by adding strong Indonesian national brand BT Cocoa and enables the further development and growth of Olam Cocoa's Huysman brand. This also adds 120,000 metric.
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Piter Jasman of BT Cocoa, said: "The relationship with Olam Cocoa represents a powerful opportunity for BT Cocoa to significantly expand our market with enhancements to quality, safety and ethically responsible cocoa products. The past three years of collaboration has clearly demonstrated the potential for delivering better value.
