Kalbe to open a business unit in Philippine

PT Kalbe Farma Tbk plans several cooperate actions this year, including by creating a joint venture in Philippine, issuing 1.5 milion shares, and divestment in PT Kageo Igar Jaya Tbk.

Based on the company's disclosure released today, Kalbe partners with ARC Holdings Inc to establish a joint venture, Asiawide Kalbe Philipines Inc, with 50:50 share ownership.

The joint venture is established to market its returnable glass bottle (RGB) version of Extra Joss in Philippine.

In addition, Kalbe also plans to sell its 1.5 million shares or 0.19% of the total repurchased shares via Indonesia Stock Exchange (IDX).

The plan is aiming at boosting the public share to 40%, thus strengthening the company's position to obtain lower income tax rate by 5%.

PT Kalbe Farma still holds 780.99 million repurchased shares.

In the meantime, the KLBF-coded company has also signed Conditional Sale and Purchase Agreement (CSPA) with PT Kingsford Holdings related to selling-buying plan and divestment of Kalbe’s 610,058,500 shares in PT Kageo Igar Jaya Tbk.

By divesting the packaging business, Kalbe can be more focused on its core businesses, namely production, marketing, and distribution of health products and services.

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