Indonesian herbal medicine maker Deltomed owners said to explore sale options

Photo taken from Deltomed Laboratories website.

Indonesian herbal medicine producer Deltomed Laboratories owners are exploring options of a sale in a deal that could value the firm at about $500 million, Bloomberg News reported.

The company is backed by the Rahardjo family and investment company Saratoga Investama Sedaya.

Citing people with knowledge of the matter, Bloomberg reported that Saratoga Investama Sedaya and the Rahardjo family are working with an adviser on the potential divestment.

Deltomed Laboratories began operations in 1976 as a home industry business in Banjarmasin, South Kalimantan, producing herbal medicines named Pil Ampuh and Jamu Air Mancur among other initial products, according to its website.

Purwanto Rahardjo bought the company in 1988 and moved its operations to Wonogiri, Central Java. He was succeeded by his eldest son Mulyo Rahardjo in 1992.

The company is known for its flagship herbal products Antangin, which relieves nausea among other benefits, cough medicine OB herbal, and immune booster Imugard.

The coronavirus pandemic has helped boost the popularity and international recognition for herbal medicines to maintain wellness and treat ailments. Saratoga, in its annual 2020 report, said Deltomed managed to boost sales of Antangin on the back of growing awareness to maintain a healthy lifestyle during the pandemic.

Other traditional herbal producers in Indonesia include listed firm Sido Muncul, and private companies Jamu Borobudur, Jamu Jago, Jamu Iboe, according to media reports.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.