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He said the company would liquidate PT Gelatindo Mukti Graha and PT Pradja Farma Hoslab, both of which were no longer active.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)