Kalbe Farma gets Rp 113 billion from sales of unit

JAKARTA: Indonesia's largest pharmaceutical firm PT Kalbe Farma Tbk has signed a conditional sale and purchase agreement with PT Kingsford Holdings, selling 58.1 percent of its shares in its packaging manufacturer unit, PT Kageo Igar Jaya Tbk.

Kalbe has received Rp 112.860 billion (US$12.5 million) funds from the sales of about 610 million shares in Kageo Igar Jaya at Rp 185 per share, the company said in a statement to the Indonesia Stock Exchange on Tuesday.

Kalbe declined 25 points or 1 percent to Rp 2,450 after more than 6 percent gain on Monday. - JP