Indonesian establishment Indofood Sukses Makmur is set to reduce its share in vegetable processing firm China Minzhong Food, a move that would raise $314m.
The sale, which is expected to be completed by June, will reduce Indofood's stake in China Minzhong Food to 29.94% from 82.88%, Reuters reported.
Indofood will sell its 347 million shares in China Minzhong Food to China Minzhong Holding.
As reported in the publication, Indofood said that the sale comes as China Minzhong Food "needs a longer time to reach the targeted result, bearing in mind the current investment sentiment level in China".
The company is expected to make a 7.1% gain from selling the shares.
Earlier in December 2014, Indofood agreed to form a joint venture with Brazilian poultry exporter BRF.
The 50/50 venture is expected to see investments of over $200m over the next three years.
