Petra Foods has restructured its business ahead of a proposed $950m deal to sell its cocoa processing operations to Barry Callebaut.
Petra has established two subsidiaries: Singapore-based Cocoa Ingredients Holdings and Indonesia-based Papandayan Cocoa Industries.
Cocoa Ingredients Holdings will be the investment holding for Petra’s cocoa ingredients business in Indonesia, while Papandayan will be the manufacturing and marketing arm of the business.
The two subsidiaries will fall under Petra’s principal cocoa operations Delfi Cocoa Investments.
Chuang Tiong Choon, CEO of Petra Foods, will head Cocoa Ingredients Holdings.
The restructuring was made as Petra awaits regulatory approval to sell its cocoa processing operations to Barry Callebaut in a $950m deal.