CP Prima eyes Dipasena
Charoen Pokphand Group subsidiary PT Central Proteinaprima (CP Prima), is planning to consolidate its ranking as the world's largest shrimp producer with the acquisition of PT Dipasena Citra Darmaja.
CP Prima has announced that it it will bid for the shrimp farming company at an auction to be held by the State Asset Management Company (PPA) on May 25.
In the statement to The Jakarta Post, the company said the decision to acquire Dipasena was part of its plan to expand its network in the shrimp-farming sector and to strengthen the company's position as the leader in the aquaculture business.
Dipasena was at one time one of the biggest shrimp producers in the world. According to The Jakarta Post, the government took control of Dipasena from Gajah Tunggal Group tycoon Sjamsul Nursalim in part settlement of his Rp 28 trillion debt to the state following the country's financial crisis in early 1998.