Indonesia’s PT Sari Murni Abadi, the family-owned snack manufacturer behind the Momogi brand, has completed the acquisition of a 99.13% stake in Vietnam’s Bibica Corporation from The PAN Group for roughly VND2.63 trillion (approximately US$105 million). Announced on 6 November 2025 and completed on 26 March 2026, the deal hands an Indonesian snack maker control of one of Vietnam’s oldest confectionery brands, ending The PAN Group’s eight-year ownership and giving Sari Murni Abadi an instant manufacturing and distribution platform across Vietnam’s confectionery market.
Key Takeaways
- PT Sari Murni Abadi (Momogi Group), an Indonesian snack manufacturer, completed the acquisition of a 99.13% stake in Vietnam’s Bibica Corporation from The PAN Group on 26 March 2026, for a deal valued at approximately VND2.63 trillion (~US$105 million).
- The deal value includes the transfer price, dividends received by Sari Murni Abadi as a shareholder during the process, and the value of two land plots that PAN had previously acquired from Bibica.
- Bibica operates factories in Hanoi and the former Long An province (now part of Tay Ninh province following Vietnam’s 2025 administrative reorganisation), supplying more than 100,000 points of sale nationwide and exporting to Japan, South Korea and the United States.
- The PAN Group, a diversified Vietnamese agriculture-and-food conglomerate, exits Bibica after eight years of ownership, part of a broader pattern of PAN rotating capital out of non-core consumer assets.
- The transaction extends Sari Murni Abadi’s product range from snacks into biscuits, candy and other confectionery categories, and gives the Indonesian company its first manufacturing and distribution foothold in Vietnam.
Deal Details
| Buyer / Investor | PT Sari Murni Abadi (Momogi Group), Indonesia — snack food manufacturer |
| Target | Bibica Corporation, Vietnam — confectionery manufacturer |
| Country | Vietnam |
| Industry | Food |
| Business Type | Manufacturer |
| Transaction Type | Acquisition |
| Stake | 99.13% |
| Deal Value | VND2.63 trillion (approximately US$105 million), including transfer price, dividends received, and the value of two land plots previously acquired by PAN from Bibica |
| Announcement Date | 6 November 2025 |
| Completion Date | 26 March 2026 |
| Status | Completed |
About the Buyer
PT Sari Murni Abadi is an Indonesian family-owned snack food manufacturer best known for Momogi, the corn-stick snack brand it launched in 2003 from its first factory in Bogor, West Java. Under the wider Sari Murni Group umbrella, the company has since built out a portfolio of Indonesian snack brands including Criscito, Yale-Yale and Migi-Migi, and has been recognised with Indonesia’s Top Brand Award for ten consecutive years. Beyond its own-brand business, Sari Murni Group also runs an OEM/contract-manufacturing arm supplying private-label snacks to other companies — giving it direct experience of the kind of manufacturing-for-others model that underpins much of Southeast Asia’s food industry. The company’s CFO described the Bibica acquisition as supporting Sari Murni Abadi’s “global expansion strategy” and cross-border integration in manufacturing, innovation and supply chains. More information on the buyer is available on Sari Murni Group’s official website.
About the Target
Bibica Corporation is one of Vietnam’s oldest and most recognised confectionery manufacturers, tracing its roots to Bien Hoa Confectionery Co., founded in 1999, which became a joint-stock company in 2007 and was later renamed Bibica Corp. The company produces a broad range of confectionery — cakes, candies, cookies, biscuits, crackers, wafers, jelly, lollipops and chocolate — supplying more than 20,000 tonnes of product a year through a distribution network of over 100,000 points of sale across Vietnam, with additional exports to Japan, South Korea and the United States. Bibica operates two factories, in Hanoi and in the former Long An province (now part of Tay Ninh province after Vietnam’s mid-2025 provincial mergers). Before the Sari Murni Abadi deal, Bibica had been majority-owned for eight years by The PAN Group, one of Vietnam’s largest diversified agriculture and food conglomerates, listed on the Ho Chi Minh Stock Exchange. More information on the target is available on Bibica Corporation’s official website.
Why This Deal Matters
The direction of this deal is what makes it notable: an Indonesian family-owned snack maker buying a Vietnamese national confectionery champion, rather than the more familiar pattern of Thai or Singaporean conglomerates rolling up ASEAN food assets. For Sari Murni Abadi, Bibica delivers in one transaction what greenfield market entry cannot — over 100,000 points of sale, two operating factories, and a 27-year-old brand with genuine household recognition in Vietnam — instantly converting the company from an Indonesia-only snack maker into a cross-border confectionery platform spanning ASEAN’s two largest populations. The reported VND2.63 trillion (~US$105 million) price for effectively full control (99.13%) of an established, profitable manufacturer also looks disciplined next to other recent regional benchmarks: Indonesia’s own Yupi Indo Jelly Gum changed hands for roughly US$1.1–1.2 billion for a 90% stake in late 2024, underlining how much cheaper it currently is to buy scale in Vietnam’s confectionery sector than in Indonesia’s.
The PAN Group’s exit is equally instructive. PAN is a diversified agriculture-and-food group whose core businesses span seed production, seafood, and packaged foods; divesting a confectionery subsidiary after eight years of ownership fits a broader pattern of Vietnamese conglomerates rotating capital out of non-core consumer assets once those assets have been built up to a saleable scale. The deal value explicitly includes dividends Sari Murni Abadi received during the transaction process and the value of two land plots PAN had separately acquired from Bibica, a structure that suggests both sides negotiated a comprehensive clean break rather than a straightforward share purchase.
Industry Impact
Vietnam’s confectionery market is projected to grow at roughly 6.81% annually through 2030, and this deal signals that Indonesian consumer-goods manufacturers are increasingly willing to buy their way into that growth rather than export into it. Expect more Indonesian food and snack companies to go shopping for Vietnamese manufacturing and distribution platforms over the next few years, following the trail Sari Murni Abadi has just blazed. For contract manufacturers and OEM/ODM operators across the region, the deal is also a reminder that acquirers with existing private-label manufacturing experience — as Sari Murni Group has through its own OEM arm — are natural buyers of branded manufacturing platforms, since they already understand both sides of the business: building owned brands and producing for others.
My Take
My take on this deal is that it’s one of the more quietly significant transactions in this database, precisely because it doesn’t fit the usual ASEAN M&A script. We’re used to seeing Thai conglomerates like CP Group or Singaporean sovereign-linked funds like Temasek and GIC doing the cross-border shopping in Vietnam and Indonesia. Here it’s a private, family-owned Indonesian snack company reaching across the Java Sea to buy a Vietnamese confectionery institution outright. That tells me the second tier of ASEAN consumer-goods companies — not just the mega-conglomerates — now has the balance sheet and ambition to do real cross-border M&A, and I expect this to be one of several similar deals rather than a one-off.
What stands out most to me is the price discipline. Paying roughly US$105 million for 99% of an established manufacturer with 100,000+ points of sale and two factories is a genuinely reasonable entry multiple when you set it against what Affinity Equity Partners paid for Yupi — over a billion dollars for a 90% stake in a single-category Indonesian jelly-candy maker. That gap tells me Vietnam’s confectionery sector is still underpriced relative to Indonesia’s, and I’d be watching for more Indonesian and even Thai strategics to go bargain-hunting there before valuations catch up. I’d also watch what Sari Murni Abadi does with the Bibica brand itself — whether it keeps investing in it as a standalone Vietnamese identity, or slowly folds Bibica’s manufacturing capacity into its own regional OEM ambitions. Either way, PAN Group walking away after eight years with land-plot value baked into the price looks like a well-negotiated, disciplined exit rather than a distressed sale, and I wouldn’t be surprised to see PAN recycle that capital into its core agriculture and seafood businesses next.
Frequently Asked Questions
Who bought Bibica Corporation?
PT Sari Murni Abadi, an Indonesian snack manufacturer best known for its Momogi brand, acquired a 99.13% stake in Vietnam’s Bibica Corporation from The PAN Group, with the deal completing on 26 March 2026.
How much did Sari Murni Abadi pay for Bibica?
The deal was valued at approximately VND2.63 trillion, or roughly US$105 million, a figure that includes the share transfer price, dividends received during the process, and the value of two land plots previously acquired by PAN Group from Bibica.
What stake does Sari Murni Abadi own in Bibica?
Sari Murni Abadi acquired a 99.13% stake in Bibica Corporation, giving the Indonesian company effective full ownership and operating control of the Vietnamese confectionery manufacturer.
Why did The PAN Group sell Bibica?
The PAN Group, a diversified Vietnamese agriculture and food conglomerate, sold Bibica after eight years of ownership as part of a broader strategy of rotating capital out of non-core consumer assets to focus on its core agriculture, seafood and packaged-food businesses.
What does Bibica Corporation make?
Bibica is one of Vietnam’s oldest confectionery manufacturers, producing cakes, candies, cookies, biscuits, crackers, wafers, jelly, lollipops and chocolate from factories in Hanoi and the former Long An province, distributing through more than 100,000 points of sale and exporting to Japan, South Korea and the United States.
Is the Sari Murni Abadi-Bibica deal completed?
Yes. The deal was announced on 6 November 2025 and formally completed on 26 March 2026, when Sari Murni Abadi took its 99.13% stake in Bibica Corporation.
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Sources
- Vietnam Investment Review — Indonesia’s Sari Murni acquires Bibica from PAN Group
- Vietstock — PAN Group completes Bibica divestment to Momogi Group
- The Investor (VIR) — Indonesia’s SMA acquires Vietnamese confectioner Bibica
- Sari Murni Group / Momogi — official website
- Bibica Corporation — official website
Disclaimer: This article is for informational and editorial purposes only. It is not a recommendation to buy or sell any securities and does not constitute investment advice.
