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Sinar Mas Agribusiness and Food signs MOU with leading Thai company Canaan for it to exclusively import, distribute and re-sell palm and lauric packed products in Thailand

Posted: Oct 12, 2017 2 minute read SMART 313 views

Jakarta, 12 October 2017 – Today at Trade Expo Indonesia, Sinar Mas Agribusiness and Food and Canaan Enterprise Company Ltd signed a Memorandum of Understanding (MOU) to boost Indonesian exports to the Thai market. Under the agreement, Canaan will be the exclusive agent to import, distribute and re-sell margarine, shortening and laurics under Sinar Mas Agribusiness and Food’s Menara, Red Rose and i-soc brands in Thailand.

The MOU was signed by Dr. Ing. Gianto Widjaja, Director of Sinar Mas Agribusiness and Food and Mr. Theeraphat Denprasert, Director of Canaan. Also present were Indonesian Minister of Trade, Mr. Enggartiasto Lukita; Indonesia’s Ambassador to Thailand, Mr. Ahmad Rusdi; and Managing Director of Sinar Mas, Mr. Saleh Husein.

Dr. Ing. Gianto Widjaja, Director of Sinar Mas Agribusiness and Food, said “The agreement builds on the Sinar Mas Agribusiness and Food-Canaan partnership first established in 2013. We have seen a 30% increase in transaction volume over the previous year, and are optimistic about the potential the Thai market represents.”

Mr. Theeraphat Denprasert, Director of Canaan, said “Canaan was able to first enter the palm oil sector in Thailand through our partnership with Sinar Mas Agribusiness and Food. Their wealth of knowledge and deep market expertise will ensure our continued success together, as we meet strong and growing demand in Thailand.”

In 2017, Sinar Mas Agribusiness and Food’s expected supply is approximately 2,000 metric tonnes, valued at US$ 1.5 million. The MOU will operate under PT SMART, the legal entity for Sinar Mas Agribusiness and Food.

The agreement also demonstrates deepening ties between Thai and Indonesian companies. This follows bilateral meetings between Indonesia and Thailand’s foreign ministers last year, where the two pledged to enhance economic relations to boost trade between ASEAN’s two largest economies.

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About Sinar Mas Agribusiness and Food

Sinar Mas Agribusiness and Food operates under Golden-Agri Resources (GAR) is one of the leading palm oil plantation companies with a planted area of more than 480,000 hectares (including smallholders) as of June 30, 2017. The company has an integrated operation producing food made from raw vegetable oils.

Sinar Mas Agribusiness and Food is focused on sustainable palm oil production. In Indonesia, its primary activities include cultivating and harvesting of oil palm trees; processing of fresh fruit bunch into crude palm oil (CPO) and palm kernel; merchandising and refining CPO into value-added products such as cooking oil, margarine, shortening and biodiesel; as well as trading of palm oil products worldwide. It also has operations in China and India including a deep-sea port, oilseeds crushing plants, production capabilities for refined edible oil products as well as other food products such as noodles.

Founded in 1996, GAR was listed on the Singapore Exchange in 1999 with a market capitalisation of US$3.4 billion as at 30 June 2017. Flambo International Limited, an investment company, is currently GAR’s largest shareholder, with a 50.35 percent stake. GAR has several subsidiaries, including PT SMART Tbk which was listed on the Indonesia Stock Exchange in 1992.

 

For more information, please contact:
Michael Prawira
Communications Team
[email protected]
+62 878 7716 2264

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