JAKARTA. As a part of its financial restructuring process, PT Kimia Farma Tbk (KAEF) plans to issue mandatory convertible bonds worth IDR 300 billion.

David Utama, President Director of Kimia Farma, mentioned that these convertible bonds will take place through a rights issue. “We will initiate the issuance of convertible bonds in February 2023 worth a total of IDR 300 billion,” he added during the hearing meeting with Commission VI of House of Representatives of Indonesia earlier this week.

Utama then claimed that KAEF has registered IDR 250 billion of the convertible bonds to OJK. This particular process is targeted for completion on February 15, 2023.

Another initiative related to KAEF’s financial restructuring includes the optimisation of Kimia Farma Apotek (KFA) following the additional investment worth IDR 1.86 trillion from Indonesia Investment Authority (INA) and Silk Road Fund Co, Chinese Sovereign Wealth Fund (SWF). (AM/ZH)