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Home » INDOFARMA OFFLOADS RAF STAKE
INDOFARMA OFFLOADS RAF STAKE
State-owned Indonesian pharmaceutical company Indofarma has sold off its 58% stake in loss-making firm Risima Abadi Farmasi (RAF). The shareholding was acquired by Trimarga Rekatama for IDR5.77bn (US$640,000), resulting in a loss of IDR3bn for Indofarma on its investment of IDR8.66bn. The remaining 42% stake is still held by fellow state-owned concern Kimia Farma.
RAF's annual losses of up to IDR1.5bn have been attributed to stiff international competition for the company's paracetamol product. The proposed privatisation of leading state-owned players such as Indofarma and Kimia Farma, means that underperforming units are unwelcome deterrents to potential investors and the offloading of Indofarma's stake should come as little surprise.
KEYWORDS Daily International Pharma Alert
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