Indonesian pharmaceutical company PT Kimia Farma has announced the acquisition of a 60 percent stake in Saudi Arabian Dawaa Medical, a subsidiary of Marei Bin Mahfouz Group, according to a report published by Antara News.

“Kimia Farma’s capital investment in Dawaa equals RP133 billion, which is used for the development of the company’s business,” President Director of Kimia Farma Honesti Basyir commented.

The two companies have set up a joint venture as part of the deal; Kimia Farma Dawaa will grant the Indonesian firm access to the Middle Eastern markets, with some 90 apothecary outlets planned for the region. In the long-term, the JV will construct its own manufacturing facility in Saudi Arabia producing products for both the domestic market as well as exports destined for Africa.