Cipla inks pact to sell 51% stake in Uganda-based unit to Africa Capitalworks

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

Cipla inks pact to sell 51% stake in Uganda-based unit to Africa Capitalworks
Consideration to be received by Cipla (EU) Ltd and Meditab Holdings Limited shall be in the range of USD 25-30 million, Cipla noted. (Photo credit: Reuters)

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.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

RECOMMENDED STORIES

https://www.zeebiz.com/personal-finance/photo-gallery-epfo-retirement-pension-scheme-early-pension-superannuation-disablement-widow-child-orphan-pension-online-login-passbook-employee-provident-fund-327598

EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know

https://www.zeebiz.com/trending/news-rains-in-tamil-nadu-orange-alert-issues-for-november-26-regional-meteorological-centre-cyclone-south-andaman-sea-puducherry-karaikkal-327505

Tamil Nadu Weather News: Heavy rain likely in TN, orange alert issued for Nov 26

https://www.zeebiz.com/markets/stocks/photo-gallery-psu-and-largecap-shares-to-buy-short-term-bse-sensex-nse-nifty-pick-of-the-day-327460

Stocks to buy: Hindustan Aeronautics, Zomato, Tata Tech, GMR Airports among analysts' top picks

https://www.zeebiz.com/trending/photo-gallery-delhi-aqi-today-air-pollution-level-falls-to-very-poor-quality-schools-closed-work-from-home-started-in-office-government-bans-firecrackers-sale-on-ecommerce-sites-city-records-lowest-temperature-327481

Delhi AQI Today: Air quality index level drops; city records season's lowest temperature

https://www.zeebiz.com/personal-finance/photo-gallery-gratuity-calculator-inr-rs-38000-as-last-drawn-basic-salary-pay-and-5-years-5-months-of-service-know-gratuity-amount-payment-act-1972-eligibility-criteria-conditions-employer-employees-wage-327018

Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?

https://www.zeebiz.com/personal-finance/photo-gallery-sbi-state-bank-of-india-5-years-fixed-deposit-fd-vs-post-office-monthly-income-scheme-mis-where-can-you-get-more-income-in-5-years-on-investment-of-rs-200000-see-calculations-327293

SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations

https://www.zeebiz.com/personal-finance/photo-gallery-latest-fd-interest-rates-for-senior-citizens-know-what-major-banks-like-icici-bank-hdfc-bank-of-baroda-sbi-canara-bank-axis-bank-providing-currently-on-fixed-deposits-calculator-327278

Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits

https://www.zeebiz.com/personal-finance/photo-gallery-top-5-small-cap-mutual-funds-with-best-sip-xirr-returns-in-1-year-calculator-inr-rs-25000-monthly-investment-has-grown-to-355000-nifty-150-tri-bse-invesco-edelweiss-hsbc-franklin-nav-aum-327419

Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme

https://www.zeebiz.com/markets/stocks/photo-gallery-adani-group-stocks-nosedive-heres-what-anil-singhvi-suggests-327508

Adani group stocks nosedive: Buy or Sell? Here's what Anil Singhvi says

https://www.zeebiz.com/personal-finance/photo-gallery-top-7-sbi-sip-mutual-funds-with-highest-sip-return-xirr-in-1-year-capital-gains-calculator-how-inr-rs-25000-monthly-investment-has-grown-to-bse-sp-nifty-multi-large-health-tech-banking-326674

Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404

Reported By: PTI
Updated: Wed, Mar 15, 2023
11:31 AM IST
New Delhi, PTI
RELATED NEWS
Cipla shares surge nearly 10% after positive USFDA update on Goa facility Cipla shares surge nearly 10% after positive USFDA update on Goa facility
Cipla Q2 earnings preview: Margins under pressure as US, domestic sales outlook remains modest Cipla Q2 earnings preview: Margins under pressure as US, domestic sales outlook remains modest
Cipla Vice Chairman MK Hamied steps down Cipla Vice Chairman MK Hamied steps down
Cipla Q1 preview: Pharma major to likely report low double-digit growth in PAT; margins seen to remain steady Cipla Q1 preview: Pharma major to likely report low double-digit growth in PAT; margins seen to remain steady
Cipla receives income tax demand of Rs 773 crore Cipla receives income tax demand of Rs 773 crore

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x