PT Garudafood Putra Putri Jaya Tbk (GOOD) increased its share ownership in PT Mulia Boga Raya Tbk (KEJU) after purchasing 142.85 million or 9.52% KEJU shares from PT Tudung Putra Putri Jaya (TPPJ).

Based on information disclosure on the Indonesia Stock Exchange (IDX), Monday (26/7), Garudafood management said the purchase price of Mulia Boga Raya's shares from TPPJ was Rp1,138 per share, bringing the value of this affiliated transaction to Rp162.56 billion.

The company carried out the transaction on July 19, 2021.

"The sale of these shares has reduced TPJJ's share ownership in Mulia Boga Raya from 14.52% to 5%. Meanwhile, Garudafood's ownership in a cheese producing company with the Prochiz brand has increased from 56.55% to 66.07%," the company said in a statement.

The company's management said this action aimed to increase the company's shareholder dividends and increase profits attributable to Garudafood.