PT Unilever Indonesia Tbk (UNVR) officially announced the divestment of its tea business under the Sariwangi brand to PT Savoria Kreasi Rasa, a local fast-moving consumer goods (FMCG) company affiliated with the Djarum Group. This corporate action was marked by the signing of aBusiness Transfer Agreement (BTA) on Tuesday, January 6, 2026.
In its disclosure, Unilever stated that the value of the tea business divestment transaction was Rp 1.5 trillion. The value of the business transfer was agreed upon excluding applicable taxes. PT Savoria Kreasi Rasa emphasized that it has no direct affiliation with Unilever Indonesia.
Unilever Indonesia President Director Benjie Yap said that the divestment is believed to have a positive impact on the future development of the Sariwangi brand, while strengthening the company's business focus.
"We believe this transaction will strengthen Sariwangi's business position for the next phase of growth. This step also sharpens Unilever Indonesia's focus on key segments with higher growth potential and reaffirms our commitment to creating sustainable value for shareholders," said Benjie Yap in a statement received by SUAR on Thursday (January 8, 2026).
In addition, the sale of the tea business is considered to provide Unilever with an opportunity to realize the value of its investment in the national tea business and return that value to shareholders in the short term.
"And focus on the company's remaining core businesses to increase long-term value for shareholders," he said.
Based on the financial statements as of September 30, 2025, the value of this divestment transaction reflects approximately 45% of Unilever Indonesia's total equity. Meanwhile, Sariwangi's business assets are recorded as equivalent to 2.5% of the company's total assets.
In terms of performance, Sariwangi's net profit contributed approximately 3.1% to Unilever's net profit, with its revenue accounting for 2.7% of UNVR's total operating revenue.
Unilever also emphasized that the divestment of Sariwangi is part of the company's portfolio optimization strategy. This move is in line with Unilever's focus on concentrating on fewer categories that have greater scale and sustainable growth opportunities to support long-term value creation.
"This transaction will be completed once all customary closing conditions are satisfied, and is expected to close in the first half of 2026," Benjie said.
On the other hand, PT Savoria Kreasi Rasa is not a new player in the Indonesian consumer industry. The company, which is under the control of the Djarum Group, previously acquired the Fox's candy brand from Nestlé in September 2018. Since then, Savoria has been actively developing various product innovations, ranging from Fox's Ice Mints and Fox's Coffee World to expanding into non-candy products such as Fox's Fusion Tea and Fox Instant Pudding.
For context, Savoria is a consumer business unit under the Djarum Group, a conglomerate controlled by Robert Budi Hartono and Michael Bambang Hartono, the two richest people in Indonesia. With Sariwangi joining Savoria's portfolio, this legendary tea brand is expected to enter a new phase of growth under its new owners.
Businesses divested by UNVR
The divestment of Sariwangi is not the first. In 2018, Unilever Indonesia first divested its margarine and spreads business with a transaction value of Rp 2.65 trillion. A number of major brands such as Blue Band, Blue Band Master, Blue Band Gold, Minyak Sarimin, and Frytol officially left the UNVR portfolio.
This move is in line with Unilever's global policy, which in 2017 decided to sell its global spreads business to US-based company KKR & Co for US$8.04 billion.
"On December 15, 2017, Unilever N.V. and Unilever Plc received a binding offer from Sigma Bidco B.V. regarding the purchase of the Unilever Group's global spreads business, including spreads category assets in Indonesia owned by the Company," wrote management in a disclosure, quoted on Thursday (8/1/2026).
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Not long after, Unilever Indonesia once again divested its ice cream business. The agreement to transfer the ice cream business to PT The Magnum Ice Cream Indonesia was signed on November 22, 2024, and was fully realized in December 2025. The transaction value reached IDR 7 trillion, which included fixed assets worth IDR 2.55 trillion, a net book value of IDR 1.99 trillion, and inventory value of IDR 172.79 billion.
UNVR management stated that this sale would enable the company to realize the value of its investment and return it to shareholders.
"And returning that value to shareholders in the short term, while refocusing on its remaining core businesses to increase value for shareholders in the long term," management said.
The then Chief Financial Officer of Unilever Indonesia, Vivek Agarwal, explained that the ice cream business has different characteristics compared to other business units, from distribution to storage.
"So that is the purpose of the separation that is being carried out at the global level. The scope of this operation will also be carried out and we are trying to innovate," said Vivek.
The Sariwangi tea business itself has been part of Unilever Indonesia for more than three decades since its acquisition in 1989. Based on the financial report as of September 30, 2025, the value of the Sariwangi divestment transaction reflects approximately 45% of UNVR's equity, with assets contributing 2.5% of total assets, net profit 3.1%, and revenue 2.7% to the company's performance.
Divestment strengthens focus on core business
Unilever's decision to divest the Sariwangi tea brand to the Djarum Group is considered a strategic move to improve the company's long-term performance. Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, believes that the divestment is in line with efforts to simplify the portfolio and strengthen focus on core businesses with greater growth potential.
According to Nafan, Sariwangi is not one of Unilever Indonesia's flagship products and its contribution to revenue is considered relatively small, even below double digits. With such an insignificant share, Sariwangi is not a major growth driver for UNVR, so divestment is considered reasonable.
"If the contribution is small and it is not a leading product, divestment actually makes it easier for the company to focus on its main segment, which has the best growth opportunities," Nafan explained to SUAR.
Nafan added that the proceeds from the divestment of Sariwangi could be reallocated as capital for more promising business development, which is expected to have a positive impact on increasing the company's profits in a more sustainable manner. This step is also considered to support Unilever's efforts to maintain consistent performance and profit sustainability in the future.
In addition to Sariwangi, Nafan mentioned Unilever's global move to separate its ice cream business, including brands such as Magnum. According to him, this policy demonstrates Unilever Indonesia's consistency in following the global strategy of its parent company, which is to focus on segments with higher margins and growth prospects, such as personal care and skincare products.
"Going forward, the focus on personal care and skincare certainly needs to be accompanied by product innovation and more efficient and effective distribution," he said.
In terms of prospects, Nafan believes that Unilever Indonesia's performance still has room for improvement, supported by relatively stable domestic demand. As long as inflation remains under control and people's purchasing power remains solid, the consumer goods business is considered to still have a strong foundation.
He also believes that Unilever remains resilient amid fierce domestic competition, supported by its established brand strength. Meanwhile, the boycott against a number of products is considered to have subsided and is no longer a significant pressure.
"In terms of prospects, it should still be good, as long as domestic consumption is maintained. With this focused strategy, Unilever's performance has the potential to be more solid in the future," concluded Nafan.
For your information, UNVR shares were observed to be green at the close of trading today at 2,620, up 0.77% compared to the previous day's close of 2,600.
