Kalbe has closed its subsidiary in Singapore

30 December 2020 10:34

JAKARTA - PT Kalbe Farma Tbk (KLBF) has closed a subsidiary, Kalbe Global Pte, Ltd (KG), in Singapore following the closure in Philippines.

In an information disclosure on IDX, Wednesday (30/12/2020), KG was effectively closed on December 24, 2020 according to the provisions of Singapore law, due to its dormant status in the company group.

"With the closure of KG, the company's share ownership in one of its subsidiaries in Kalbe International Pte. Ltd., will increase to 100%," said KLBF Corporate Secretary, Lukito Kurniawan Gozali, in the information disclosure.

In November 2020, Kalbe also divested its shareholding in a subsidiary operated in Philippines, Asiawide Kalbe Philippines Inc (AKPI). AKPI was a subsidiary which 49.99% shares were indirectly owned by the company, totaling 714,229 shares through Kalbe International Pte. Ltd.

"On October 28, KI transferred all of its shares in AKPI to ARC Holdings Inc. Corporation in accordance with the agreement of the two parties, through a share purchase agreement, with a transaction price of PhP 7,142.32,” said Gozali.

He also mentioned that the transaction had no material impact on the company's operations or financial condition. (AM/VA)

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