PT Fore Kopi Indonesia Tbk (FORE) has entered into a Rp5 billion raw material purchase agreement involving its subsidiaries, PT Fore Bakery Indonesia (FBI) and PT Cipta Favorit Indonesia (CFI), to support CFI's restaurant operations (15/10).

In a written statement on Thursday, October 15, FORE Corporate Secretary Denny Ngadimin said the agreement covers the purchase and sale of raw materials, with the types and quantities determined by purchase orders issued by CFI to FBI.

Fore Kopi Raw Material Agreement Runs for One Year

The agreement has an initial term of one year and will automatically renew for an additional one-year period unless terminated earlier in accordance with the agreed terms. The transaction is valued at Rp5 billion.

The arrangement is intended to support the operational needs of CFI's restaurant business through the supply of raw materials from FBI.

Fore Kopi Holds Majority Stakes in Both Subsidiaries

CFI and FBI are subsidiaries of FORE. The company directly owns 99.95% of CFI and 99.97% of FBI.

The three companies also have a shared management connection through Rizky Ardian, who serves as a director of FORE and CFI and a commissioner of FBI.

Affiliated Transaction Targets Operational Efficiency

FORE stated that the affiliated transaction was conducted to support the operational and business activities of companies within its corporate group.

The company expects the arrangement to improve business efficiency and contribute positively to its overall performance.

Fore Kopi Says Transaction Requires No Independent Shareholder Approval

Denny Ngadimin stated that the affiliated transaction does not involve a conflict of interest under the Financial Services Authority's Regulation No. 42 of 2020 (POJK 42/2020).

According to the statement, the transaction therefore does not require approval from independent shareholders at a General Meeting of Shareholders.

PHOTO: FORE

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