13 November 1997: The Indonesian packaging operation PT Igar Jaya hopes to sell 5,100 shares (51%) of PT Schott Igar Glass at the end of this year in an attempt to improve the performance of the publi…
13 November 1997: The Indonesian packaging operation PT Igar Jaya hopes to sell 5,100 shares (51%) of PT Schott Igar Glass at the end of this year in an attempt to improve the performance of the public company, which is tackling fierce competition, particularly from China and India. The shares will be sold to Igar Jaya“s joint venture partner, Schott Glaswerke Beteiligungs GmbH of Germany. Vidjong Dius, corporate secretary of PT Kalbe Farma, Igar Jaya“s parent company, said that the divestment of the subsidiary was part of the company“s plan to return to its major business in the pharmacy field. Kalbe Farma owns 51% of Igar Jaya, who in turn has a 51% stake in Schott Igar Glass. Shareholders“ agreement to the move will be sought at an EGM on 26 November.