Latest News | Cipla Inks Pact to Sell 51 Pc Stake in Uganda-based Unit

New Delhi, Mar 14 (PTI) Drug major Cipla on Tuesday said it has inked a pact with Africa Capitalworks to sell a 51.18 per cent stake in Uganda-based Cipla Quality Chemical Industries Ltd.

The company and its wholly-owned subsidiaries, Cipla (EU) Ltd and Mauritius-based Meditab Holdings Ltd, have entered into a share purchase agreement with Africa Capitalworks on March 14, Cipla said in a regulatory filing.

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Subsequent to the sale, Cipla Quality Chemical Industries (CQCIL) will cease to be a subsidiary of the company, it added.

Consideration to be received by Cipla (EU) Ltd and Meditab Holdings Limited shall be in the range of USD 25-30 million, Cipla noted.

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The proposed sale is expected to be completed by May 31, 2023, it added.

Africa Capitalworks is a wholly owned subsidiary of Africa Capitalworks Holdings (ACW), an investment management company incorporated in Mauritius.

ACW is engaged in providing permanent equity capital and complementary skills to mid-market companies across Sub-Saharan Africa.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)