Pharmaceutical company PT Kimia Farma Tbk (IDX: KAEF) will sell 1.1 billion shares, or 20 percent of its paid-up capital, for about Rp1,000 apiece to raise Rp1 trillion ($73.53 million) from a rights issuance next year to fund its expansion. President director Rusdi Rosman, said the plan still needs approval from the government and the House of Representatives to proceed with the rights issuance. Meanwhile, PT Kalbe Farma Tbk (IDX: KLBF), a listed pharmaceutical company, plans to increase its investments by 30 percent next year to Rp1.2 trillion ($88 .23 million) to develop plant in Bekasi joint venture with South Korea’s Genexine Biologics that will produce generic drugs and is expected to go online in 2018.
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