About My Health Careers Internship MedBlogs Contact us
Medindia
LOGIN REGISTER
Advertisement

Drug Major Cipla's British Arm Buys 51% Equity Stake in Uganda-Based Quality Chemicals

by Dr. Trupti Shirole on May 23, 2015 at 9:48 AM
Font : A-A+

Drug Major Cipla's British Arm Buys 51% Equity Stake in Uganda-Based Quality Chemicals

The British subsidiary of Indian drug major Cipla Ltd has acquired 51% equity stake in Uganda-based Quality Chemicals Ltd for $30 million (Rs.191 crore) in tranches from its current shareholders. As per the agreement that both companies signed on Thursday, Cipla (EU) Ltd will pay $8 million (Rs.51 crore) upfront and the balance amount of Rs.140 crore in five equal installments of $4.41 million annually to the shareholders. This transaction is expected to be completed by July.

The 18-year-old Kampala-based Quality Chemicals Ltd imports and distributes pharmaceutical and consumer products in the east African nation. Quality also holds 22% equity stake in another Cipla subsidiary in Uganda - Cipla Quality Chemical Industries Ltd.

Advertisement

The company said in a regulatory filing to the Bombay Stock Exchange (BSE), "Post acquisition, our stake in the Ugandan subsidiary will increase to 62.3% from 51.05% and strengthen our presence in the African market."

Quality's turnover declined to Ugandan shilling 14.85 (approximately $4.98 million) billion in calendar year 2014 from 17.02 billion in 2013.

Source: Medindia
Advertisement

Advertisement
News A-Z
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
News Category
What's New on Medindia
Emotional Healing
Psychosis Risk Related to Cat Parasite
Sedentary Behavior Precipitates Night-Time Hot Flashes
View all

Medindia Newsletters Subscribe to our Free Newsletters!
Terms & Conditions and Privacy Policy.

More News on:
Drug Toxicity Signature Drug Toxicity 

Recommended Reading
Cipla Soon to Launch Generic Hepatitis C Drug as Hepcvir
Cipla has signed a licensing agreement with Gilead to manufacture the drug Sofosbuvir and it will .....
Cipla and Strides Sign Pact With MMV: Fight Against Malaria
In collaboration with MMV, based in Switzerland, Cipla and Strides Arcolab venture to develop ......
Cipla Announces Significant Reduction in Prices of Three More Cancer Drugs
Mumbai-based pharmaceutical company Cipla has announced that it has cut the price for three more ......
Cipla Announces Massive Reduction in Prices of Anti-Cancer Drugs
Indian pharmaceutical firm Cipla has announced a massive 76 percent price cut for some of its ......
Drug Toxicity
Drug toxicity is an adverse reaction of the body towards a drug that results as a side effect of a d...

Disclaimer - All information and content on this site are for information and educational purposes only. The information should not be used for either diagnosis or treatment or both for any health related problem or disease. Always seek the advice of a qualified physician for medical diagnosis and treatment. Full Disclaimer

© All Rights Reserved 1997 - 2021

This site uses cookies to deliver our services. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use