French dairy group Bel S.A has acquired a substantial 22.5% stake in Indonesian cheese maker, Mulia Boga Raya (MBR).
Bel acquired the shares from majority shareholder, Garudafood Putra Putri Jaya for US$44 million, which will see both companies jointly controlling MBR. Under the agreement, Bel will gain certain management rights, enabling both shareholders to jointly set the company’s financial and operational policies. According to an MBR spokesperson, “This collaboration will accelerate the development of the cheese business in Indonesia by leveraging Bel’s expertise in cheese and cheese-based snacks.”
Garudafood will remain MBR’s controlling shareholder with a reduced stake of about 43.6%
Bel investment in MBR signifies its intention to tap into Indonesia’s growing middle class and rising appetite for processed dairy products. Bel is known for brands such as The Laughing Cow, Kiri, and Babybel.
MBR recorded strong first half 2025 financial performance with net sales growing 12.2% while net profit jumped 37.5% year-on-year led by cheese block sales.
According to 2023 statistics from Indonesia’s National Research and Innovation Agency (BRIN), per capita cheese consumption in Indonesia is just 0.35kg, leaving tremendous growth potential due to the country’s rising middle class and young population.
