Kalbe, Dankos, and Enseval Merger Approved
Koran Tempo, page A20, 2005-11-30
Shareholders approve of the merger among PT Kalbe Farma Tbk, PT Dankos Laboratories Tbk, and PT Enseval. If all goes well, the merged company’s shares will be effective on January 2 2006 in the stock market. One Dankos note will be convered to 1.34 Kalbe notes. One Enseval note will be converted to 12,998.8 Kalbe notes. For the shareholders who do not approve of the merge, their shares will be accepted by the company, represented by PT Kresna Graha Sekurindo. Every Kalbe share will be worth Rp.850, Dankos Rp.1,140, and Enseval worth Rp.11 million per share. With this merge, Kalbe Farma will issue new 2 million new shares, from 8.12 billion to 10.16 billion shares. Kalbe Farma and Dankos shares owned by the public (less than 5 percent) decreased from 59.1 percent to 36.87 percent. The assets from the three companies before the merge will also drop from Rp.9.54 trillion to Rp.4.8trillion. Kalbe Farma predicts a growth increase of 15 percent. Sales and profit are hoped to increase 18 percent. The post-merger capitalization is hoped to exceed US$1 billion from its current position of US$700 million.

The Merger of 3 Pharmaceutical Companies
Kompas, page 19, 2005-11-19
Three pharmaceutical companies, PT Enseval, PT Kalbe Farma Tbk and PT Dankos Laboratories Tbk, all managed by the same business group, have decided to merge as Kalbe Farma. With the merger, Kalbe Farma targets to become the largest pharmaceutical company in Southeast Asia, especially for pharmaceutical products. The merged companies would have a capitalized market value of approximately US$ 1 billion.