Indonesia Digest: Kino Buys Linanda Consumer India; Phapros Plans Rights Issue

Indonesia’s Kino Group has acquired Indian distribution company Linanda Consumer while listed pharma player Phapros plans to issue new shares.

Kino Group acquires Linanda Consumer

Indonesian consumer goods company Kino Group has acquired Indian distribution company Linanda Consumer India Private Limited, according to a stock exchange filing.

The deal was conducted through Kino’s listed-arm Kino Indonesia and its subsidiary Kino International. Kino Group is using its internal cash to fund this transaction. The deal enables Kino to widen its sales and distribution network to India and other South Asia countries.

Phapros plans $6.2m rights issue

Indonesia-listed pharma company Phapros is planning to raise up to IDR86.27 billion ($6.2 million) through new shares issuance, according to a stock exchange filing.

The company will issue 862.74 million of new shares at IDR100 apiece. These shares will be taken by Phapros’ existing shareholders and some standby buyers.

The issue is intended to support Phapros’ business development through the organic and inorganic way, as well as to support its working capital and refinancing.

Phapros’ new shares issuance will subject to its shareholders’ approval in the meeting scheduled on 26 August 2019.