FIRST PACIFIC'S DARYA-VARIA UNIT APPROVES DIVIDEND, OTHER CHANGES
First Pacific Company Limited today announced that shareholders of its Indonesian pharmaceuticals associate, PT Darya-Varia Laboratoria, have voted at its Annual General Meeting to approve the payment of its proposed 1996 dividend of Rp 60, up 33.3 per cent from the previous year's dividend of Rp 45.
The company also announced changes in the composition of its Board of Commissioners and Board of Directors. Mr. Tedy Djuhar was promoted from director to commissioner, and two new directors were appointed. Mr. Roberto Libarnes, Director of Sales and Marketing, has replaced Mr. Romulo Y. Abaya, and Mr. Oscar E. Carag, Director for Finance and Administration, has replaced Mr. Pedro R. Ayson. Mssrs. Abaya and Ayson have resigned to pursue other interests.
In an Extraordinary General Meeting following the AGM, Darya-Varia's shareholders approved several amendments to the Company's Articles of Association to comply with the New Company Law, specifically regarding provisions relating to public companies. Shareholders also approved the disposal of certain non-core assets, enabling the company to concentrate on its core activities. Included among these was the liquidation of PT Gelatindo Mukti Graha and PT Pradja Farma Hoslab - both of which have become dormant - and the proposed sale of Darya-Varia's minority stakes in PT Smith and Nephew Indonesia and PT Tandbam.
Mr. Sonny Kalona, Darya-Varia's President Director, said the company intends to integrate its growing range of activities, following several recent acquisitions, beginning with the consolidation of all manufacturing activities within PT Prafa's facility in Citeureup, Bogor. Shareholders approved proposals to sell PT Dupa's manufacturing plant in Kalibata, an unused property in Gunung Putri, as well as the former site of PT Prafa's offices in North Jakarta.
Separately, Mr. Kalona announced that Darya-Varia is initiating a major reorganization related to its integration plan, which will involve a provision to cover reorganization costs of an exceptional nature. He added that Darya-Varia, together with First Pacific is continuing to review how the integration plans can be accelerated. Mr. Kalona said that no estimates of the costs involved are yet available but that a further announcement will be made in due course.
Darya-Varia, which is Indonesia's second-largest pharmaceuticals group, purchased last year the 40 per cent of PT Prafa that it didn't already own, 100 per cent of Prafa's national distributor, Pradja Farma Hoslab, and 90 per cent of PT Kenrose Indonesia. The acquisitions contributed to its 39.5 per cent rise in sales in 1996 to US$84.7 million.
The company is managed by First Pacific, a Hong Kong based, Asian-oriented conglomerate with activities in the four core areas of Marketing & Distribution, Telecommunications, Property and Banking. First Pacific has more than 52,000 employees in 50 countries and revenues in excess of US$7 billion.
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For further information, please contact:
Mr Delfin Warren Tel: (6221) 725 8006
Managing Director
PT Darya-Varia Laboratoria
Robert Sherbin Tel: (852) 2842 4380
Group Vice President
Corporate Communications
First Pacific Company Limited
Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk
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