Jardine Matheson (SGX:J36) will turn its focus on developed markets in the Asia-Pacific, such as Australia, in order to diversify its portfolio away from Indonesia, the Financial Times reported Tuesday, citing the company's chief executive officer, Lincoln Pan.

While the conglomerate remains fully committed to growing its Indonesian arm Astra, the company is also eyeing less capital-intensive businesses in development markets, the report said.

This comes after Jardine agreed to purchase Australian radiology provider, I-Med, for $2.4 billion from Permira, the report added.

Pan revealed the company's plan of making similar acquisitions over the next five years, with an aim of achieving at least 11% on new investments, the report noted.

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