Cipla acquires South Africa-based firm for ZAR 26 mln

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Cipla acquires South Africa-based firm for ZAR 26 mln

New Delhi, Mar 31 (PTI) Pharma major Cipla today said its arm Medpro South Africa (Pty) Limited has signed an agreement to acquire 100 per cent stake in Anmarate (Pty) Limited, South Africa, for around ZAR 26 million.

Anmarate (Pty) Limited has a turnover of ZAR 2.5 million for the financial year ending on February 29, 2016, Cipla Ltd said in a BSE filing today.

The acquisition would strenghen the market position of the company, it said.

The transaction is expected to be completed before April 14, 2017.

It said that the cost of acquisition is ZAR 26,253,659 subject to post closing of net working capital, not exceeding ZAR 30 million.

The company acquired 4000 shares of ZAR 1 each representing 100 per cent of the Anmarate’s share capital.

This is published unedited from the PTI feed.