Indonesian conglomerate PT Astra International Tbk has acquired an additional stake in hospital chain PT Medikaloka Hermina Tbk (Hermina) for Rp2.7 trillion ($164 million).
The stake purchase was conducted through the Astra unit, Astra Healthcare Indonesia (AHI).
The acquisition, carried out between September 9 and 16, 2025, involved 1.47 billion shares at varying prices in the range of Rp1,683 to Rp1,850 apiece. With this, AHI now holds 12.77% of Hermina, while Astra directly owns another 7.23%, giving the group a combined 20% stake in one of Indonesia’s largest private hospital operators.
Astra International entered Hermina in April 2022 via a Rp45 billion private placement and lifted its stake to about 5.4% through market purchases that June. By 2024, its holding had gradually increased to 7.23%. The move is part of Astra’s broader diversification strategy beyond its core automotive business into financial services, infrastructure, digital, and healthcare.
By 2024, Astra had committed around Rp5.2 trillion in healthcare investments, spanning stakes in Hermina, telemedicine platform Halodoc, and Heartology Cardiovascular Hospital, underscoring its ambition to build healthcare as a long-term growth pillar.
The company posted Rp162.4 trillion in revenue and Rp15.5 trillion in net profit in the first half of 2025, with contributions from its seven business lines. Revenue rose 1.5% from Rp159.97 trillion a year earlier, while profit fell 2.2% from Rp15.86 trillion, highlighting pressure on its core operations as the group seeks growth beyond autos, including in healthcare.
Hermina operates 51 hospitals in 36 cities with a total capacity of 8,287 beds, focusing on women’s and children’s healthcare as its core services.
In H1 2025, the company posted Rp3.38 trillion in revenue, up from Rp3.34 trillion in the same period last year, but saw its net profit decline to Rp284.3 billion from Rp343 billion, reflecting margin pressures amid expansion. Hermina is currently building two new hospitals in Badung (Bali) and Salatiga (Central Java), slated to open by Q4 2025, as it continues to expand into underserved regions.
Astra is not the only conglomerate eyeing Indonesia’s fast-growing healthcare sector. Djarum Group, through its investment arm PT Dwimuria Investama Andalan, spent about Rp1 trillion in June 2025 to acquire 3.6% of Hermina via treasury stock, positioning itself as a new strategic shareholder with plans to support premium services, including for its employee base.
Mayapada Healthcare Group, backed by Bain Capital’s $157 million investment in December 2024, is also expanding aggressively, adding hospital capacity to capture rising demand in the Greater Jakarta area and beyond.
Meanwhile, Indonesia Investment Authority (INA) has teamed up with Swire Pacific and the state-owned hospital holding Pertamina Bina Medika (Indonesia Healthcare Corporation) in a strategic partnership to modernise and expand hospital infrastructure, reflecting growing institutional interest in healthcare as a national priority sector.
