JAKARTA. PT Kalbe Farma Tbk (KLBF) had inserted extra capital of KRW 5.58 billion, or equivalent to IDR 71.08 billion, into SL Pogen Inc (SLP). SLP is a Korean-based subcontractor company whose business involves developing and manufacturing nucleic acid-based vaccines and pharmaceutical products.
Lukito Kurniawan Gozali, Corporate Secretary of Kalbe Farma, claims that vaccines and other biological products are the current main focus of the company to develop. “This transaction is envisioned to be able to support and increase the company’s proficiency in developing vaccines and biological products for the local and Southeast Asia market,” he elaborated further through the information disclosure in Indonesia Stock Exchange yesterday (12/8).
According to Gozali, the said transaction had been carried out on July 23, 2021, and is not categorised as Affiliate Party and Conflict of Interest Transactions as regulated in POIK 421 2020. There are no affiliations between Kalbe Farma and SLP, thus eliminating any control KLBF might have over SLP and the possibility of SLP’s financial report being consolidated with KLBF’s.
The strategy and plan that Kalbe Farma would exert regarding its decision in investing in SLP include acquiring access to DNA vaccine technologies and claiming its portion in profit gained from this joint venture in the future. Gozali states that there would not be any material impacts from this transaction.
For the record, the company would take out its own internal cash to fund this equity participation in SLP. (AM/ZH)