CIPLA LTD. - Updates
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| 21 May 2015 | |
| Cipla Ltd has informed BSE that Cipla (EU) Limited, U.K., the wholly owned subsidiary of the Company, has entered into a definitive agreement to acquire a 51% stake in Quality Chemicals Limited, Uganda (QCL) from the existing shareholders of QCL. As per the agreement, the cash consideration for 51% stake is payable in tranches with approx. USD 8 million payable upfront on completion and 5 equal installments of USD 4.41 million payable at annual intervals thereafter.<BR><BR>QCL was incorporated in the year 1997 and is engaged in the business of import and distribution of pharmaceutical and consumer products. QCL also holds a 22.05% stake in the Companys subsidiary in Uganda, Cipla Quality Chemical Industries Limited (CQCIL). Consequent to this acquisition, Companys effective stake (held through its subsidiaries) in CQCIL will increase from the existing 51.05% to 62.30%. This acquisition will further strengthen the Companys overall presence in the African market.<BR><BR>The turnover of QCL for the financial year ending Dec 2012, Dec 2013 and Dec 2014 was Ugandan Shilling 15.76 billion, Ugandan Shilling 17.02 billion and Ugandan Shilling 14.85 billion respectively.<BR><BR>The transaction is expected to be completed by end of July 2015, subject to completion of certain conditions precedent.<BR><BR>None of the persons belonging to Promoter / Promoter Group(s) of the Company has any interest in the transaction and it is not a related party transaction for the Company. | |
| View all announcements for CIPLA LTD. | Source: BSE India |
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