KKR takes slice of Indonesia's top bread producer

The private equity firm's investment in Nippon Indosari Corpindo is a bet that the country's burgeoning middle class chooses wheat as an alternative to rice.

KKR has invested in Indonesian bread producer Nippon Indosari Corpindo, the private equity firm announced on Thursday, marking its third deal in the archipelago over the last 18 months.

The global private equity firm will become the third largest shareholder in Jakarta-listed Indosari after taking a 12.64% stake through the latest investment round.

KKR did not disclose the size of its investment,based on Indosari’s market value of Rp8.4 trillion $620 million as of the end of Wednesday a stake of that size would be worth about $80 million.

Indosari shares rose about 6% early Thursday following the announcement.

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