The transaction is with three connected entities. GSK Consumer Healthcare Pte Ltd has paid IDR 465bn to Sarasvati Venture Capital Ltd for the 30% of the Indonesian Consumer Healthcare business it did not previously own.
GSK has also divested its Insto eye drops brand to Pharma Healthcare Pte Ltd and agreed to divest its manufacturing site at Bogor, Indonesia, to PT Pharma Healthcare for a combined total of IDR 133bn.
David Redfern, GSK chief strategy officer, said: “This transaction is a further example of GSK focusing its business in strategically important growth markets such as Indonesia. It will also simplify operations in the Indonesian business.”
The transaction will complete in two stages. GSK has completed the purchase of the shares and the divestment of the Insto brand. The Bogor manufacturing site will transfer to PT Pharma Healthcare in 2015.
Source: GlaxoSmithKline
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