Duopharma Biotech receives approval to establish a subsidiary in Indonesia

KUALA LUMPUR (April 12): Duopharma Biotech Bhd has obtained approval from the Indonesian government to establish a wholly-owned subsidiary PT Duopharma Healthcare Indonesia (PT DHI) in the archipelago.

In a bourse filing, Duopharma Biotech said it received a confirmation of the approval of the establishment of PT DHI by the Ministry of Law and Human Rights of the Republic on Tuesday (April 11).

Duopharma Biotech said the objective of PT DHI is to engage in the field of trade, among others, wholesale trade of traditional medicines as well as of cosmetics.

The company said PT DHI is a limited liability company, with a current authorised and issued capital of 10 billion rupiah comprising 10,001 shares.

Duopharma Consumer Healthcare Sdn Bhd, a wholly-owned subsidiary of Duopharma Biotech, holds 99% of the shares while the remaining 1% is held directly by Duopharma Biotech.

Duopharma Biotech group managing director Leonard Ariff Abdul Shatar said the establishment of PT DHI is a testament to Duopharma Biotech’s confidence in the potential of Indonesia’s pharmaceutical and healthcare sector.

“We are committed to strengthening collaborations with Indonesian partners and exploring new strategic investments in the most promising segments,” he said.

Besides Indonesia, Duopharma Biotech, which is headquartered in Kuala Lumpur, also has subsidiary companies in the Philippines and Singapore.

On Wednesday, Duopharma Biotech’s share price closed unchanged at RM1.53, valuing the group at RM1.46 billion.