Petra Foods sells cocoa ingredients business for US$950 million

Mainboard-listed Petra Foods is selling its cocoa ingredients business for US$950 million.

The buyer is Zurich-based Barry Callebaut, the world's leading cocoa and chocolate products manufacturer. 

Petra Foods says the group will realize a gain of about US$106 million from the proposal sale. 

The consumer confectionary product maker adds that the divestment of the business is value-accretive. 

Going forward, Petra Foods says it will strengthen and expand its consumer business in the fast growing economies in the region. 

This means it will seize growth opportunities in the confectionery value chain by extending the market reach, as well as diversify into new product categories.