PT Industri Jamu and Pharmaceuticals Sido Muncul Tbk welcomed Affinity Equity partners as the company's new 21% shareholder through its affiliated company, Concordant Investment Pte Ltd.

"This speech also inaugurates the strategic partnership between Affinity and PT Hotel Candi Baru (Sido Muncul's holding company)," said Sido Muncul's President Director, David Hidayat, in a press release on Thursday (4/2).

According to him, Sido Muncul has shown rapid growth in recent years, in line with the increasing demand for consumer health products, thanks to increasing consumer awareness of a healthy lifestyle. This trend may continue to strengthen the company's future growth direction.

As a pioneer of the herbal medicine industry in Indonesia, Sido Muncul has more than 300 products in its portfolio, ranging from herbal medicine, food and beverage, to pharmaceutical products. A strategic partnership with Affinity, one of the leading and most active private equity investors in the Asia Pacific region, can provide an injection of expertise to accelerate its growth.

"The combination of Sido Muncul's deep heritage and knowledge regarding the herbal medicine and consumer health products industry in Indonesia, together with Affinity Equity Partners' long experience and reach in the consumer products sector in the Asia Pacific region, have produced positive results for the company," he explained.

By combining each party's expertise, he hopes this partnership will continue to create substantial value for all stakeholders.

Meanwhile, the Chairman and Managing Partner of Affinity Equity Partners, Young-Taeg Park, welcomed our partnership with PT Hotel Candi Baru in Sido Muncul.

"We have started a journey of transformation and are excited to continue realizing the Company's growth strategy to strengthen its market position in the Asian region and expand into new categories/segments," explained Young.