Kalbe Farma Subsidiary Owned By Conglomerate Boenjamin Setiawan Creates A Joint Venture With A Philippine Company

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Kalbe Farma Tbk (KLBF), a company owned by conglomerate Boenjamin Setiawan, through its subsidiary Kalbe International Pte Ltd (Kalbe International) signed a joint venture (JV) with Ecossential Food Corp (EFC), a consumer goods distributor in the Philippines.

Kalbe International has agreed to form a joint venture company Kalbe Ecossential International Inc, which will focus on marketing Kalbe's non-prescription drugs for the Philippine market.

"Kalbe is an Indonesian global health company, which continues to innovate to provide quality health products and services and continues to expand into the global market by continuing to export products that are Kalbe's mainstay," said Kalbe Farma President Director Vidjongtius in a written statement, Wednesday. May 18.

Furthermore, Vidjongtius said that his party opened up opportunities to collaborate with local companies or distribution companies in each country. This is part of the market penetration strategy in each country that is Kalbe Farma's target market.

Director of Kalbe International Pte Ltd Michael Bujung said, the Philippines is one of the countries that has enormous potential for the development of Kalbe's products. According to him, Kalbe International feels the need to strengthen Kalbe International's position in the Philippine health product market, especially non-prescription drug products.

Michael added that through the signing of the joint venture agreement between Kalbe International and Ecossential Food Corp, a joint venture company, namely Kalbe Ecossential International Inc. will be established. Kalbe International will have a 60 percent ownership share, and Ecossential Food Corp will have a 40 percent share.

In carrying out the operations of this company, Kalbe International will be responsible for the operations of the joint venture company.

"Meanwhile, Eccosential Food Corp. will provide strategic oversight supports, local market know-how, networking, and infrastructure needed by this joint venture company," said Michael.