Ometraco sells subsidiary for expansion
Ometraco sells subsidiary for expansion
JAKARTA (JP): Publicly listed PT Ometraco Corporation has
agreed to sell its pharmaceutical company, PT Supra Usadhatama,
to PT Tempo Scan Pacific and PT Indonesian Pharmaceutical
Industries to raise funds for its expansion project.
Ometraco signed a conditional sales and purchase agreement
Saturday to sell Supra, including its subsidiary PT Supra
Ferbindo Farma, for Rp 192 billion (US$80 million).
The sales will be effective April 22 this year.
Ometraco president Boyke Gozali said his company decided to
sell Supra, maker of over-the-counter pharmaceuticals, because
the sales provided good value for Ometraco's shareholders.
"The sales proceeds would provide additional resources to
expand our businesses especially the consumer food and the
financial services sectors," Gozali said.
The funds would be used to acquire and invest in local brands
to expand the company's portfolio and to further build the
distribution network of food produced by the company, he said.
Ometraco also has a line of confectionery and drink products.
The company would also invest the funds in building a branch
network to provide consumer financing for electronic products and
motorcycles, he said.
"We have signed a joint venture to provide electronic products
financing and will soon provide motorcycle financing in
conjunction with local dealers," Gozali said.
The company also planned to set up a life insurance company as
part of its program to become an integrated financial service
provider, he said.
Ometraco, listed on the Jakarta Stock Exchange, is owned 63
percent by the Santosa family; Morgan Stanley Capital Partners
own 9.7 percent.
Beside consumer food and financial services, the corporation
operates infrastructure and poultry businesses.
The company owns a 51 percent stake in the publicly listed PT
Japfa Comfeed Indonesia, 69 percent in PT Multibreeder Adirama
Indonesia, 51 percent in PT Bank Tiara Asia, and 52 percent in PT
Trafindo Perkasa. (02)