ejuve Global Investment Ptd. Ltd., have acquired the shares of PT Pyridam Farma Tbk (IDX: PYFA) after acquiring 47.61 percent ownership of PT Pyridam Internasional - Photo by the Company

JAKARTA (TheInsiderStories) – Rejuve Global Investment Ptd. Ltd., have acquired the shares of PT Pyridam Farma Tbk (IDX: PYFA) after acquiring 47.61 percent ownership of PT Pyridam Internasional. After this transaction, the Singapore-based company will have a majority stake in the pharmaceutical company.

Previously, Pyridam International controlled 83.80 percent of the subsidiary’ shares. With this transaction, the parent company’ ownership was reduced to 29.96 percent. Other shareholders are PT Starindo Kencana Sejahtera 6.24 percent, and the public 16.19 percent.

Earlier this week, Indonesia Stock Exchange recorded that there was a Pyridam Farma’ crossing transaction in the negotiating market conducted by PT Aldiracita Corpotama with worth Rp222.14 billion (US$15.32 million). Last week, drug maker reported a change in ownership of Pyridam International from 53.85 percent to 83.81 percent as of July 10.

The first transfer from Hasan Tjandra to Pyridam International for 36.80 million shares. Then the second transfer was 61.74 million from Indrawati Kosasih and the transfer from Lindia Kosasih as much as 61.74 million to the company. The price per share is priced at Rp770.91.

This medicine producer was founded in 1976 by Sarkri Kosasih. The company then gained the trust from the ministry of agriculture to become a partner in 1994. In 1985, he established a pharmaceutical division that was growing rapidly and allowed Pyridam to build a new production plant on a 35,000 square meter land in Cianjur, West Java. The plant began operations in April 2001.

There is no official statement about Rejuve Global only listed as a company registered in Singapore. Since the outbreak of the corona virus around the world the potential of pharmaceutical companies is growing very rapidly. Many countries are competing to make new vaccines to overcome the deadly virus.

According to GlobalData, the Indonesian pharmaceutical market is the largest market in the Southeast Asian region and is expected to reach a value of US $ 10.11 billion (Rp697.24 trillion) in 2021. Investment in the pharmaceutical sector is expected to reach $ 19.8 billion over the period until 2025.

This calculation assumes that the average annual growth is 10 percent. According to the Econmark Mandiri Group Research Report, there are three factors driving the growth of the domestic pharmaceutical market, namely the large population and the growth of the middle class, which is a potential market for health products.

Then, increasing per capita income as the economy grow makes people more concerned with health, said the report. Third, the existence of a government health insurance program will also increase demand for health products.

US$1: Rp14,500

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