Kalbe Farma scouts strategic partners

JAKARTA: Indonesia's largest pharmaceutical firm PT Kalbe Farma Tbk is seeking for strategic investor both local and foreign to support its expansion plan domestically and overseas such as South East Asia and Nigeria this year.The company prepares IDR500
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 30 Mei 2011  |  00:38 WIB

JAKARTA: Indonesia's largest pharmaceutical firm PT Kalbe Farma Tbk is seeking for strategic investor both local and foreign to support its expansion plan domestically and overseas such as South East Asia and Nigeria this year.The company prepares IDR500 billion to IDR1 trillion funds from its internal cash for such plan, Kalbe Farmas Director Vidjongtius said.There are several investors that interested. Its conducted to increase the companys revenue around 15%-18% this year, he told Bisnis Indonesia, yesterday.Kalbe has selected 10 companies based in Indonesia and South East Asia to be acquired. However, he declined to detail out the company names. We expect the acquisition could be conducted this year, he added.The company has form strategic investments unit to support such plan and it also has an option to conduct joint venture and merger.We believe that Kalbe can achieve the 2011 net profit growth targeted around IDR155-IDR160 per share with a robust sales growth and overall cost efficiency endorsement, he said.Indonesias biggest pharmaceutical company allocates IDR100 billion-IDR150 billion funds from its 2011 capital expenditure totaling to IDR650 billion.Treasury stocksIn addition, Kalbe is currently reviewing the issuance plan of 780.9 million treasury stocks or equivalent with 7.7% worth IDR2.5 trillion. We are reviewing the treasury stock and it is targeted this year or next year, he added.Shares to be disposed are buyback shares from the period of 2008-2009 with buyback price in average of IDR880. The treasury stock sales value will be around IDR2.42 trillion if using yesterdays shares price valuation at IDR3,475 per share.The company has previously sold 1.5 million treasury stocks at price of IDR2,050-IDR2,100 per share on June 18 and 21, 2010. PT Danareksa Sekuritas has been appointed by Kalbe Farma to manage the shares salePT Recapital Securities Head of Research Pardomuan Sihombing said that Kalbes expansion plan is a good plan and it can boost its performance. However, the company would be selective in choosing companies that would be acquired. (t06/wiw)

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