- Business
- PT Champion Pacific Indonesia Tbk (IGAR.JK) manufactures flexible packaging solutions primarily through its subsidiaries PT Avesta Continental Pack and PT Indogravure; products include laminated aluminum foil, laminated plastic foil and films, coated aluminum foil in rolls, bags and sheets for the pharmaceutical, food, cosmetics, agrochemical and other industries; the company also engages in general trading via import, export and inter-island distribution, transportation services including workshops, expeditions and warehousing, printing, agency representation and technical services. Founded in 1975 as PT Igar Jaya and headquartered in Bekasi, West Java, Indonesia, the company went public in 1990, merged with PT Kageo in 2004 to become PT Kageo Igar Jaya Tbk, and adopted its current name in 2010 following control by PT Kingsford Holdings, which remains the majority shareholder under ultimate parents Fujimori Kogyo Co., Ltd. and Mitsui & Co. (Asia Pacific) Pte. Ltd. after their 2016 acquisition. Operations focus on the Indonesian market with exports, serving over 225 customers including major pharmaceutical firms such as Kalbe Farma, Kimia Farma, Dankos, Darya-Varia, Novell Pharmaceutical Laboratories, Pyridam and Soho; subsidiaries hold ISO 9001:2015 for quality management, ISO 15378:2017 for blister packaging and halal certifications. Recent developments include a first-phase share buyback from July 31 to October 26, 2023, repurchasing 6.87 million shares for Rp 3.01 billion or 13.75% of the 50 million share target to enhance liquidity, earnings per share and capital efficiency; a second-phase buyback from December 18, 2023, to June 13, 2025; and a reduction in paid-up capital from Rp 48.61 billion to Rp 46.39 billion comprising 927.78 million shares of Rp 50 par value. The company maintains over 6,000 flexible packaging variants, employs rotogravure printing as Indonesia's first in the sector, and received 2023 awards including Best SDG in Plastic Packaging Manufacturing and AMA Leadership Summit recognition while expanding into consumer goods and agriculture segments for diversified growth.