Jakarta (ANTARA News/Asia Pulse) - Indonesian company The Garuda Food Group has set aside Rp4 trillion (US$444 million) to finance business expansion in the next five years and make itself the largest food company in Asia.
The company was set to chalk up income of Rp10 trillion in 2012, chief executive officer Sudhamek AWS said. The company will strengthen its position in snack and soft drink business in the next year with an investment of Rp1 trillion, Sudhamek said.
The expansion will be financed with loans and fund expected to be raised from an initial public offering scheduled for next October, he told the newspaper Investor Daily at the weekend.
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