JAKARTA. Shoalter Technology International, a subsidiary of Hong Kong Technology Venture Company, has ended the agreement regarding the investment placed in PT Karya Hasta Dinamika (KHD), initiated together with PT Kalbe Farma Tbk (KLBF).
Lukito Kurniawan Gozali, Corporate Secretary of Kalbe Farma, explained that the investment deal was called off after considering the business obstacles faced during the COVID-19 pandemic. For instance, there are mobility restriction and quarantine protocols in several regions.
“Additionally, there is a consideration of time and resources that had been quite significantly invested up to this moment,” Gozali continued in the information disclosure in Indonesia Stock Exchange (IDX).
For the record, Shoalter and KLBF entered the said deal back in August 2021. Previously, there was a mention of postponing the contract termination date from November 1, 2021, to December 27, 2021.
Based on idnfinancials.com data, Shoalter and KLBF used to plan to enhance its e-health digital business through the platform managed by KHD, Kalcare.com. KHD is a subsidiary of KLBF with an absolute 100% ownership. At first, Shoalter intended to invest IDR 72 billion, while KLBF covered another IDR 234 billion. (KR/ZH)