').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Cipla Inks Pact With Africa Capitalworks To Sell 51% Stake In Uganda Unit
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.
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.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, March 14 2023. 23:37 IST
RECENT NEWS
HSBC Swings The Axe At UK Wealth In An AI Push
HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more
Kraken's Owner Buys A Bank: The Lines Are Blurring
Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more