KUALA LUMPUR (Yosefardi) – Pharmaniaga Internasional Sdn Bhd and PT Dasar Technologi propose to acquire 40,000 ordinary shares in PT Errita Pharma from Sutjipto Tjengundoro and Henrijanto Surjosuseno.
The parties had on 11 February 2014 agreed to a further extension of one month to the Binding Agreement to complete the Acquisition.
Pursuant to the proposed acquisition, Pharmaniaga Corp will hold 75% interest in Errita while the remaining 25% will be held by PT Dasar Technologi.
The proposed acquisition involves a cash payment of USD18 million by the purchasers to the sellers for the sale shares. Pharmaniaga Corp will make a cash payment of USD13.5 million.
Errita has received the approval from Investment Coordinating Board (BKPM) for the change in the shareholding of Errita and the conversion of the Errita’s status from a local company to an Indonesian legal entity.
Errita is principally involved in the manufacturing of generic pharmaceutical products in Indonesia.