(2 minutes read)
Africa Capitalworks SSA 3, the investment management company has signed an agreement with Cipla Ltd.’s wholly-owned subsidiaries to buy a 51.18% stake in the Ugandan subsidiary. According to reports, Cipla (EU) Ltd and Meditab Holdings Ltd, the subsidiaries of Cipla, will be selling stakes worth US $25–30 million in Cipla Quality Chemical Industries Ltd.
Africa Capitalworks SSA 3, the investment management company has signed an agreement with Cipla Ltd.’s wholly-owned owned subsidiaries to buy a 51.18% stake in the Ugandan subsidiary. According to reports, Cipla (EU) Ltd and Meditab Holdings Ltd, the subsidiaries of Cipla, will be selling stakes worth US $25–30 million in Cipla Quality Chemical Industries Ltd. After the sale, which is expected to be completed by May 31, 2023, after receiving the regulatory approval and fulfilment of the conditions agreed, the Ugandan entity will cease to be a subsidiary of the company. The Ugandan entity’s contribution as on March 31, 2022, to Cipla’s consolidated net worth, was estimated at 1.6% or $44.08 million. In the fiscal year 2022, it contributed 2.6% of Cipla’s consolidated revenue.
Africa Capitalworks SSA 3 supports mid‐market companies across sub-Saharan Africa by providing permanent equity capital and complementary skills.
Read Also;
http://trendsnafrica.com/uganda-goes-up-in-ranking-of-legal-compliance/
http://trendsnafrica.com/tanzania-to-buy-antiretroviral-drugs-from-cipla-uganda/
http://trendsnafrica.com/cipla-quality-chemicals-uganda-posts-profits/
Cipla, the leading Indian multinational pharmaceutical company has emerged as one of the largest pharmaceutical manufacturers in Sub-Saharan Africa (SSA). It manufactures antiretrovirals, artemisinin-based combination therapies (ACTs), and Hepatitis medicines to treat HIV/AIDS, malaria, and Hepatitis. Cipla with its wide range of product registrations in West Africa and Southern Africa has a regulatory footprint of 16 to 31 countries across Africa.
