Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku, Tokyo, President and CEO: Kenichi Hori) reaches agreement to invest in PT. Pangan Lestari ("PL", Head Office: Surabaya, Indonesia), one of the leading food distribution and cold-chain logistics companies in Indonesia.

PL offers wide variety of food products, such as daily necessities to frozen and chilled products, to major retailers, restaurants, hotels, and other customers throughout Indonesia by taking advantage of its strong own dry and cold-chain logistics. In addition, PL has its own R&D facility called Innovation Center which develops menu/recipe which apply those products that PL offers.

With a population of approximately 270 million, Indonesia boasts the largest population in Southeast Asia and is expected to experience demographic dividend until around 2030. With a Real GDP growth rate expected to remain around 5%, Indonesia is a promising consumer market where increasing population with high economic growth takes place. In recent years, as the middle-income class in Indonesia grows, food culture has become more diversified, and consumer demand for food has begun to shift from quantity to quality. Moreover, the demand for processed foods such as frozen and chilled foods is expected to expand further in the future. On the other hand, the food distribution and logistics in Indonesia is still considered inefficient structure which prevents the exponential growth of the frozen and chilled product market. Through its investment in PL, Mitsui will promote the improvement of distribution functions and logistics efficiency, to solve social issues such as reducing food loss and easing traffic congestion.

Mitsui will contribute to enhance the quality of Indonesian consumers daily life by solving social issues through the expansion of PL's business by leveraging its knowledge and expertise in food distribution and cold-chain logistics business.