PT Daya-Varia sells assets to efficiency
PT Daya-Varia sells assets to efficiency
JAKARTA (JP): Publicly listed pharmaceutical company PT Daya-
Varia Laboratoria announced yesterday it would liquidate two of
its subsidiaries, sell its minority shares in two other companies
and sell part of its assets in a drive to increase efficiency.
Daya-Varia's president Sonny Kalona said yesterday the move
was approved by shareholders in an annual and extraordinary
shareholders' meeting yesterday.
"This will allow us to concentrate more in our core business,"
Sonny said.
He said the company would liquidate PT Gelatindo Mukti Graha
and PT Pradja Farma Hoslab, both of which were no longer active.
Daya-Varia would also sell its 40 percent interest in PT
Tandbam Jaya, at Rp 200 million (US$81,967), and its 20 percent
share in PT Smith and Nephew, at $1.8 million.
"The subsidiaries will be liquidated for technical and legal
reasons, as both are already inactive," he said.
He said the company was planning to integrate all its
activities at the facility of one of its subsidiaries, PT Pradja-
Pharin, in Citeureup, West Java.
"To do this, we have gained shareholders' approval to sell a
plot of land in Gunung Putri, West Java, on Jl. Bandengan
Selatan, North Jakarta, and an office building and land belonging
to (a Daya-Varia subsidiary) PT Dupa," he said.
Sonny said proceeds from sales of the company's assets were
expected to reach Rp 13.5 billion.
Sonny said Daya-Varia's consolidated net profits reached Rp
23.58 billion last year, up 48.6 percent from Rp 15.86 billion in
1995, while its consolidated net sales stood at Rp 203.24
billion, up 49.1 percent from Rp 136.32 billion in 1995.
The company's shareholders yesterday approved a cash dividend
of Rp 60 per share from last year's net profits, up 33.3 percent
from Rp 45 per share in 1995.
"Our company's performance last year was boosted by our
efforts to tap and integrate the local pharmaceutical industry,"
Sonny said.
He said this was achieved last year by buying the remaining 40
percent of shares it hadn't already owned in PT Pradja-Pharin and
by buying Pradja-Pharin's national distributor, PT Pradja Farma
Hoslab. It also acquired 90 percent of PT Kenrose Indonesia.
Daya-Varia has six subsidiaries: PT Wigo-Hoslab, PT Dupa, PT
Pradja-Pharin, PT Kenrose Indonesia, PT Smith & Nephew Indonesia
and PT Tandbam Jaya.
Seventy-two percent of Daya-Varia's sales revenue comes from
ethical medicines, 16 percent from over-the-counter medicines and
12 percent from other divisions, such as manufacturing contracts.
(pwn)