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 R26m.
Anmarate (Pty) Limited has a turnover of R2.5m 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 R26,253,659 subject to post closing of net working capital, not exceeding R30m.
The company acquired 4000 shares of ZAR 1 each representing 100 per cent of the Anmarate’s share capital.
