JAKARTA. PT Millennium Pharmacon International Tbk (SDPC) has formed a new subsidiary in order to expand its business.

Mohamad Fazly bin Hasan, Director of SDPC, revealed that this new company is called PT Digital Pharma Andalan Indonesia (DPAI). This new subsidiary is headquartered in South Jakarta and is engaged in the major trade and retail, information & communication, financial and insurance activities, as well as professional, scientific, and technical activities.

DPAI is established by SDPC with an authorised capital of IDR 1 billion and issued and paid-up capital of IDR 250 million. For the establishment of DPAI, SDPC lays a claim over 99% of the shares, leaving the remaining 1% to Joefly Joesoef Bahroeny.

“The purpose behind the establishment of this subsidiary is to support the company’s business development,” Fazly said in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDFNinancials data, SDPC draws up IDR 30 billion for the capital expenditure (capex) budget this year. As informed earlier this year, most of the budget will be allocated to the opening of new branches of the company that are located in Pematang Siantar, Purwakarta, and Lombok.

As of now, SDPC manages 33 distribution branches, 26 thousand outlets, and 180 distribution vehicle units. The company has also sent out 4 thousand products from domestic and cross-border principals. (KR/ZH)