Danpac doubles ownership at Millenium Pharmacon

PT Danpac Pharma has doubled its ownership at pharmaceutical company PT Millenium Pharmacon International to 20.07% through market operations.

Millenium Pharmacon (SDPC) told Capital Market Supervisory Agency (Bapepam) yesterday that Mr Johnny N. Wiraatmadja has sold 59.647 million shares of SDPC at undisclosed price to PT Danpac Pharma. SDPC gained 3.19% to Rp97 today.

As of Sept 2009, Mr Johnny controlled 8.19% SDPC shares while PT Danpac owned 11.07%. The biggest shareholder is Pharmaniaga International Corp Sdn Bhd with 55%. Other shareholders are PT Transpacific Securindo (11.07%), PT Indolife Pensiontama (5.87%), Minarsih Soedarpo Sastrosatomo (3.26%), and public (4.73%).

At Rp97, Millenium Pharmacon has market capitalization of Rp70 billion. The company had total asset of Rp385 billion in Sept 2009. Millenium Pharmacon reported net sales revenue of Rp789.4 billion in nine months of 2009, increased 23.3% from the same period in 2008.

The company reported net profit of Rp9.28 billion in Jan-Sep 2009, increased slightly from Rp7.9 billion in the same period of 2008. With annualized EPS of Rp17, the current price reflects PE multiple 5.7 on 2009 projected earnings, far below the market average.

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Salim Group enters Solagran

Solagran Limited, Australia, has commenced a partnership with Salim Group in the development of human and animal health and nutrition for Asian markets. 

Solagran told ASX this morning that a nomineed of Salim Group has taken 36.9 million shares in Solagran for A$5.54 million. Salim will then control 13% of the ordinary fully paid shares of Solagran. 

Solagran said earlier that the new strategic partner will provide critical support to Solagran's ongoing product commercialization efforts and, in particular, its strategy of gaining access to the vast Asian market with a new range of OTC products for general health and well being, and potential penetration of the pharmaceutical market.

Solagran is focusing on strategies to commercialize its pharmaceutical product range, in particular Ropren which was recently approved in Russia as a hepatoprotector for use in treating chronic hepatitis and hepato-biliary dysfunction.

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