Hester India enters into an agreement to acquire 50% stake in Thrishool Exim Limited, Tanzania

Hester India enters into an agreement to acquire 50% stake in Thrishool Exim Limited, Tanzania, to increase its distribution footprint in Tanzania and in the African continent.

Thrishool is an animal health products distribution company operating in Tanzania since 2012. Thrishool's product range includes veterinary feed additives, feed raw materials, nutritional supplements, therapeutics and equipment sourced from recognized international producers.

Over the years, Thrishool has gained prominence as well as has established itself as a respectable distribution company in the animal healthcare segment in Tanzania.

The turnover of Thrishool in the last financial year, ending 31 December 2020, was Tanzanian Shillings 7.10 billion (approximately USD 3 million).

The proposed collaboration, along with the additional range of animal vaccines from Hester Africa, it will over-all synergise Hester's distribution thrust in Tanzania as well as in Africa.

The consideration for the proposed acquisition is USD 2.25 million.

The proposed transaction is subject to receipt of Tanzanian regulatory approvals.

Shares of Hester Biosciences Limited was last trading in BSE at Rs. 2448.20 as compared to the previous close of Rs. 2485.35. The total number of shares traded during the day was 376 in over 144 trades.

The stock hit an intraday high of Rs. 2485.50 and intraday low of 2443.20. The net turnover during the day was Rs. 925303.00.

Source : Equity Bulls

Keywords

HesterBiosciencesLimited INE782E01017 HESTERBIO Pharmaceuticals Acquisition ThrishoolExim Tanzania