State-Owned Pharmacies Merger in 2010
VIVAnews - The new pharmaceutical company from PT Kimia Farma Tbk. (KAEF) and PT Indofarma Tbk. (INAF) merger is projected to operate on the first quarter in 2010. At present time, PT Mandiri Sekuritas as the financial adviser is still calculating the merger execution.
"We plan the legal matter process to be finished in the next 6-9 months," said the director of Mandiri Sekuritas Iman Rahman in Jakarta on Tuesday, March 17.
Rahman said that as soon as the legal matter process is completed, both state-owned companies will be delisted from the Indonesia Stock Exchange (IDX). "Once the legal process is done, we will immediately liquidate [the companies] and the new company will directly operate and be listed in the stock exchange," he said.
Rahman explained that the merger plan has drawn several foreign analysts. Kimia Farma and Indofarma's shares had never received big attention since the number of shares is relatively small.
"They [the analysts] think that the merger will make the pharmaceutical company bigger," he added.
Yet, Rahman was reluctant to mention the total asset, market capitalization, and market value of the merger since the analysis is still in process and they are arranging the consolidation between two companies.
The deputy for Service and Business of State-Owned Enterprises Ministry Muhayat added that the merger is expected to create a competitive ability of the pharmaceutical company with other similar companies. Moreover, other companies have also been merged.
"After backing up several times, both companies finally agrees to merge. Now we are watching the merger discussion until it has finally formed," he said.
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Translated by: Ariyantri E. Tarman
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