R

usdi Rosman, the newly appointed president director of state-owned pharmaceutical company PT Kimia Farma (KAEF) said his appointment would not change the company’s expansion agenda.

Speaking to reporters after his appointment in Jakarta on Thursday, Rusdi said that the new board of directors would continue the business transformation laid down by the previous management.

During an annual meeting of shareholders, KAEF shareholders installed Rusdi as president director, replacing Syamsul Arifin. Rusdi previously served as the company’s finance director.

The meeting also approved Wahyuli Syafari as marketing director, replacing Agus Anwar; Pujianto as general and human resources director, replacing Zurbandi Daud; and Arief Budiman to fill the finance director’s post.

Only Jisman Siagian retains his position as director of production.

“Given that Jisman and I were included in the previous board of directors, we will continue the transformation brought about by the previous management. However, we will still need synchronization with the new directors to develop our business,” the newly appointed president director said.

Under the previous management, KAEF expanded from a drugmaker to a healthcare provider, through various measures including establishing hospitals, in an attempt to cope with the growing demand for services when the health insurance system is fully implemented in 2014.

KAEF also recently signed an agreement with Tianjin Pharmaceutical Group Co. Ltd. of China to establish an injection corticosteroid plant in Cikarang, West Java.

The company is also aiming to intensify its presence in the Southeast Asia region by entering Vietnam. KAEF has a foothold in Malaysia through a partnership with a local company Averroes.

The company is waiting for the government’s decision on integration with the other state-owned drugmaker PT Indofarma (INAF).

“We are still waiting for a government regulation [PP], which we hope [will be issued] in the near future, because the option of grouping is associated with our plan to perform a rights issue. We need funds from the rights issue for our business development,” Rusdi said.

The government has granted approval for KAEF to offload 20 percent of its enlarged capital in a rights share offering. However, transfer of the government’s shares in INAF to KAEF must be completed before the rights issue is carried out.

During the annual meeting, KAEF announced that it would pay out Rp 34.35 billion (US$37 million), or 20 percent of its 2011 net profits of Rp 171.76 billion as dividends on July 3. Shares in KAEF closed at Rp 550 on Thursday, a slight 1.85 percent increase compared to Rp 540 on Wednesday.

— JP/Raras Cahyafitri