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S. Korea’s SD Biotechnologies sets up J/V with Indonesia’s AG Network

Collected: 2017.12.12

Distributed: 2017.12.13

Source: Go Direct

South Korea’s skincare product maker SD Biotechnologies Co. said on Monday that it has signed an agreement with Indonesia’s Artha Graha Network (AG Network) to set up a joint venture on marketing cosmetics and personal care products in the Southeast Asian country.

SD Biotechnologies - the owner of cosmetic brand SNP and other skin care products that are hugely popular in Greater China - signed the agreement with PT Orion Pratama Sentosa, a unit under AG Network that was created to launch fresh cosmetics business, in Jakarta, Indonesia, on Monday. The agreement comes at a time when SD Bio technologies has been seeking to expand its presence in the Southeast Asian beauty product market based on its brand recognition particularly in mainland China.

AG Network is a top conglomerate in Indonesia often referred to as the country’s Samsung Group engaged in diverse business areas from real estate, finance, agriculture, to hotel. The agreement to set up a joint venture comes three months after the two companies signed a partnership deal in September.

The joint investment company will be launched as a sales corporation that sells SD Biotechnologies’ products using AG Network’s retail infrastructure in Indonesia. The company plans to launch an independent brand and establish a local production base to manufacture and sell products in Indonesia.

By Kang Da-young and Lee Eun-joo

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