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Stock Report
Cipla EU Ltd to acquire additional 19.16% stake in Cipla Maroc SA
Posted On : 2022-08-05 11:20:35( TIMEZONE : IST )
Cipla (EU) Limited, ("Cipla EU"), wholly owned subsidiary of the Company in UK, has agreed to acquire an additional 19.16% stake in Cipla Maroc SA, joint venture and subsidiary of Cipla EU in Morocco.
Cipla Maroc SA ("JV Co.") was incorporated in 2015, in Morocco, as a joint venture between Cipla EU Limited (60%), The Pharmaceutical Institute ("PHI") (24.20%) and Societe Marocaine De Cooperation Pharmaceutique ("Cooper Pharma") (15.80%) for the purpose of manufacturing, marketing and distribution of pharmaceutical products in Morocco. The JV Co. has enabled Cipla establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The JV Co. has a manufacturing facility set-up in Morocco and is primarily focussed on respiratory and CNS products.
Pursuant to the change in control of PHI and as per the terms of the existing Joint Venture Agreement, PHI is disposing off its shareholding in the JV Co. Accordingly, the entire stake held by PHI in the JV Co. will be acquired by Cipla EU and Cooper Pharma in proportion to their existing shareholding ("Proposed Transaction").
The JV Co. has a highly strategic product portfolio and is one of the rapidly growing businesses in the emerging market region for Cipla. Further investment in the JV Co. will provide an exit to PHI and will help Cipla consolidate its holding in the JV Co. and deepen its presence in a strategically important Moroccan market.
Upon completion of acquisition, Cipla EU will hold 79.16% stake in the JV Co., and balance 20.84% stake will be held by Cooper Pharma.
Shares of Cipla Limited was last trading in BSE at Rs. 1044.45 as compared to the previous close of Rs. 1010.70. The total number of shares traded during the day was 55419 in over 3163 trades.
The stock hit an intraday high of Rs. 1046.80 and intraday low of 1012.00. The net turnover during the day was Rs. 57251580.00.
