PT Ultrajaya Milk Industry & Trading Company Tbk (ULTJ) announced a Rp16.92 trillion ($1.1 billion) rights issue. This capital will fund the 100% acquisition of dairy producer PT Frisian Flag Indonesia (FFI). Regulatory filings detailed the plan on Friday, September 18, 2026.
The transaction utilizes a non-cash share-swap for 86% of the deal value. This portion totals Rp14.56 trillion to acquire FFI from owners including Dutch multinational FrieslandCampina. Public shareholders will provide the remaining cash to fund working capital for the integrated entity.
This deal consolidates the consumer staples sector in Southeast Asia. It combines a major local beverage player with a leading dairy producer. The move signals an aggressive expansion strategy within a key emerging consumer market.