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Sido Muncul, the largest herbal remedy and leading consumer health company in Indonesia, welcomes Affinity Equity Partners (“Affinity”), a leading private equity investor in Asia, as a shareholder in the Company, formalizing Affinity’s strategic partnership with PT Hotel Candi Baru (Holding Company of Sido Muncul). Through its affiliate, Concordant Investment Pte Ltd, Affinity holds a 21% shareholding in the Company.

Sido Muncul has grown considerably in recent years as the demand for quality consumer health products have grown in conjunction with the rise in consumer health awareness. This trend is expected to reinforce the Company’s growth trajectory in the coming years. Sido Muncul is a pioneer in Indonesia’s jamu (herbal) industry and has a product portfolio of over 300 products spread across herbal medicine, F&B, and pharmaceutical category segments. A strategic partnership with Affinity, a reputable and active private equity investor in the Asia Pacific region, can bring additional expertise to accelerate the Company’s growth. Affinity is headquartered in Hong Kong and has a strong track record in the consumer sector across the Asia Pacific region.

David Hidayat, President Director of Sido Muncul said, “Combining Sido Muncul’s heritage and deep-rooted expertise in Indonesia’s herbal remedy and consumer health industry, together with Affinity Equity Partner’s deep experience in the consumer sector and regional network, has yielded positive results for the Company. By continuing to leverage both parties’ strengths, we expect this partnership to continue to generate strong value to all stakeholders.”

Young-Taeg Park, Chairman and Managing Partner of Affinity Equity Partners said, “We are pleased to formalize our partnership with PT Hotel Candi Baru in Sido Muncul. We have embarked on a transformation journey and are excited to continue realizing the Company’s growth strategies to strengthen its market position in the region and expansion into new verticals.”

About Sido Muncul

Headquartered in Semarang, Indonesia, Sido Muncul is the largest herbal remedy and leading consumer health company listed on the IDX since 2013. Founded by Mrs. Rakhmat Sulistio in 1940, who first formulated the Tolak Angin, Tolak Linu, and other jamu formula, Sido Muncul and Tolak Angin have grown to become household brands in Indonesia. Supported by a vertically integrated 32Ha manufacturing complex in Klepu, Semarang, and a distribution network of 122 branches across the nation, the Company is the largest and most modern herbal remedy manufacturer in Indonesia.

About Affinity Equity Partners

Affinity Equity Partners is one of the largest independent private equity firms in the Asia Pacific region managing more than US$14 billion of assets under management with offices in Hong Kong, Singapore, Seoul, Sydney, Beijing, and Jakarta. Since inception, Affinity Equity Partners has completed over 50 landmark transactions in eleven countries across various industries and sectors with aggregate transaction value of US$ 19 billion. The firm invests in businesses with an established track record, strong market positions, demonstrable earnings momentum and growth ambitions.