Our heartfelt congratulations to PT Kimia Farma Tbk (KAEF) and all parties involved  in closing the deal in respect to the sale and purchase of 40% of PT Kimia Farma Apotek’s (KFA) shares on December 27th, 2022.


The transformative partnership which involves PT Akar investasi Indonesia, a subsidiary of the sovereign wealth fund of Indonesia, Indonesia Investment Authority (INA), and CIZJ Limited, a subsidiary of  the state-owned investment fund of the Chinese government, Silk Road Fund (SRF), aligns with the Indonesian government’s goals of further developing the country’s healthcare industry to international quality and standards. This strategic investment will propel KAEF and KFA, as well as Indonesia’s pharmaceutical industry, to new heights.

Both investors will also take part in the proposed Pre-emptive Rights Issuance transaction at KAEF, which was approved at the Extraordinary General Meeting Shareholders on October 14th, 2022 in Jakarta. KAEF will obtain funding to support its working capital in order to expand the company and improve health services in Indonesia.


We are honoured to have served as the lead Indonesian legal counsel for KAEF in drafting and finalizing all transaction documents for this challenging transaction, which was led by our partners Jennifer Tumbuan and Veronica Sylfani, and senior associates Sanddy Gunawan and Risman Yansen Mario, with the full support of other members of Tumbuan & Partners. We would also like to thank all of the working team members of the parties involved including their advisors and counsels for the synergy in successfully closing this deal.


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