Pharmaceutical company, PT Kalbe Farma Tbk (IDX: KLBF) divested Asiawide Kalbe Philippines Inc., stakes to ARC Holdings Inc. - Photo by the Company

JAKARTA (TheInsiderStories) – Pharmaceutical company, PT Kalbe Farma Tbk (IDX: KLBF) divested Asiawide Kalbe Philippines Inc., stakes to ARC Holdings Inc., an American-based company. Through its unit, Singapore’ Kalbe International Pte. Ltd., the company owned 49.99 percent shares at the healthy drink distributor.

The joint venture company was formed by Kalbe and ARC Holdings Inc. in 2010, to sell ready-to-drink products, Extra Joss, in Philippines. The spokesman Lukito Kurniawan Gozali, reported, the unit has transferred all of its shares in Asiawede Kalbe to ARC Holdings on Oct. 28. The transaction price was 7,142.32 Philippine pesos (US$147.69).

Through Kalbe International, the company has also expanded to 11 other countries, such as Singapore, Cambodia, Malaysia, Myanmar, Sri Lanka, South Africa, Nigeria, Thailand and the European Union under various trademarks.

In september, the drug-maker announced needs an investment up to Rp1 trillion (US$68.02 million) to produces COVID-19 vaccines around 50 million doses. The issuer collaborated with Genexine Inc., a biologic drug producer from South Korea, has form PT Kalbe Genexine Biologic (KGBio) to develop and making raw materials for biotechnology drugs in Indonesia.

Beside, Kalbe Farma also set up a consortium with other South Korea institutions like Binex, International Vaccine Institute, Genbio, the Korea Advanced Institute of Science & Technology, and Pohang University of Science & Technology. The vaccine candidate being developed was named GX-19.

President Director of the company, Vidjongtius, revealed KGBio will conduct phase 2 clinical trials for the vaccine in the fourth quarter of this year after being declared successful in the phase 1 clinical trial in South Korea. He emphasized that the vaccine production will be ready to circulate commercially as early as mid-2021.

“Phase 1 is expected to be completed in September to November 2020. Next, phase 2 will be held which of course will also be carried out in Indonesia,” he stated.

In this year, said Vidjongtius, the issuer prepared a capital expenditure of Rp1 trillion and had realized Rp600 billion until the first semester of 2020. The 2020′ investments is used to complete two factories in Cikarang, West Java, used for over-the-counter drugs.

During nine months of this year, the producer posted a net profit of Rp2.03 trillion, up 6 percent from the same period of last year worth of Rp1.92 trillion. The sales also h rose 1.6 percent to Rp17.10 trillion from the previous year amounting to Rp16.83 trillion.

US$1: P48.36, Rp14,700

Written by Editorial Staff, Email: theinsiderstories@gmail.com