Indonesian rice processor Tiga Pilar Sejahtera Food is planning to expand its business to Vietnam and Malaysia, by investing around $80m.
Of the total investment, each country is expected to get $40m, reports Jakarta Post.
The company plans to acquire around 90% stake in a Vietnamese food company as well as a majority stake in a Malaysian food company.
Commenting on the expansion, Tiga Pilar Sejahtera Food finance director Sjambiri Lioe was quoted by The Jakarta Post as saying: "Should the acquisition plans go as planned, we will sell the companies' products on the Indonesian market besides maintaining market share in their countries of origin."
The company also plans to invest around $79m to expand its business in the domestic market which may include venturing into new businesses and increasing rice output, the publication said.
Additionally, Tiga Pilar intends to invest around IDR550bn ($43.2m) in the construction of rice mills in East Java and South Sulawesi, a move that will increase its rice output to around 720,000 tonnes annually.
