The Indonesian Investment Authority (INA) and China's Silk Road Fund (SRF) announced on Thursday that they had subscribed to convertible bonds issued by pharmaceutical company Kimia Farma.
According to INA CEO Ridha Wirakusumah, the investment aims to accelerate healthcare access throughout Indonesia.
According to the statement, both INA, Indonesia's sovereign wealth fund, and SRF acquired 40% of Kimia Farma's unit Kimia Farma Apotek (KFA).
With the completion of this final stage, INA and SRF will have officially become strategic investors in KAEF and KFA, according to the statement.
According to Kimia Farma's November statement, the shares cost about 1.86 trillion rupiah ($122.49 million).
SRF was established in 2014 and is supported by China's foreign exchange reserves, China Investment Corp, the Export-Import Bank of China, and the China Development Bank.
In July, INA and SRF signed an investment framework agreement under which the Chinese fund intends to invest up to 20 billion yuan ($2.90 billion) in Southeast Asia's largest economy.
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