Kimia Farma Upsizes Rights Issue

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Friday, 03 February 2012 09:53

Written by Hans GN

Kimia Farma, Upsizes Rights Issue

JAKARTA, Indonesia Today - State-owned pharmaceutical company PT Kimia Farma Tbk (KAEF) is likely to upsize its rights issue to Rp2 trillion from initial plan Rp1.16 trillion, Investor Daily reported this morning.

Sjamsul Arifin, Kimia Farma's president director, said the increase of rights issue size is planned following the government's approval on 37.5% offering via rights issue with the government keeping majority ownership of 52.5%.

He said the increase in rights issue value is also expected along with the current increasing price of Kimia Farma's shares.

Sjamsul is optimistic that rights issue will boost Kimia Farma's market capitalization to more than Rp4 trillion, from current Rp2.5 trillion as the stock is priced at Rp445.

He said the rights issue is scheduled for the first half of this year.

Currently, the public investors only hold 550 million shares of Kimia Farma, or 10% of total company's enlarged capital. The major 90% is held by the government.

Kimia Farma targts to generate sales revenue of Rp4 trillion and net profit of Rp220 billion this year, increased from Rp3.3 trillion and Rp165 billion respectively in 2011. (hans@theindonesiatoday.com)

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