TOKYO -- Suntory Beverage & Food said Thursday it will withdraw from its nonalcoholic drink business in Indonesia, transferring a majority stake in a joint venture there to partner Garudafood.
The Japanese company has signed an agreement to sell its entire 75% interest in Suntory Garuda Beverage, held through a subsidiary, for an undisclosed amount. It said in an announcement that the transfer, expected to be completed in the first half of 2024, would have "minor impacts" on its consolidated earnings.
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