The Board of Directors of Indofood Agri Resources Ltd. (the "Company") wishes to announce that its listed subsidiary in the Indonesia Stock Exchange, PT PP London Sumatra Indonesia Tbk ("LONSUM"), has entered into a joint venture agreement with the Ghanaian Council for Scientific and Industrial Research ("CSIR") to create a joint venture company in Ghana to develop and realise the genetic potential of oil palm for commercial exploitation for the mutual benefit of the parties ("Joint Venture").
The Joint Venture will be funded by internal resources. None of the directors of the Company has an interest, direct or indirect, and the Company has not received notification from any of its controlling shareholders that it has an interest, direct or indirect, in the Joint Venture.
Please refer to the attached announcement dated 13 May 2008 issued by Lonsum in relation to the joint venture agreement with CSIR.
CIMB-GK Securities Pte. Ltd. was the financial adviser to the Company in relation to the acquisition of the entire issued share capital of Indofood Oil & Fats Pte. Ltd. It assumes no responsibility for the contents of this announcement.