Plethico Pharmaceuticals to sell stake in subsidiary companies

Plethico Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on March 12, 2007 has considered the proposals and taken the following decisions:

The equity holding in six subsidiary Companies in CIS countries be partly hived off, out of equity held by the Company in proportion stated hereunder at a premium of 40% over Company's cost of acquisition, on the terms and conditions and on the consideration as set forth in the draft agreement, the draft of which was approved by the Board and initiated by the Chairman for the purpose of the identification.

Name of the Company

1. TOO Rezlov Ltd, Kazakhstan - 30% of the paid up capital (Equity holding to be transferred)

2. ICS Rezlov-Mo SRL, Moldova - 30% of the paid up capital (Equity holding to be transferred)

3. OOO Rezlov Ltd, Kyrghyzstan - 30% of the paid up capital (Equity holding to be transferred)

4. CJSC Rezlov, Russia - 06% of the paid up capital (Equity holding to be transferred)

5. SC Rezlov, Ukraine - 06% of the paid up capital (Equity holding to be transferred)

6. Rezlov LLS, Azerbeijan - 06% of the paid up capital (Equity holding to be transferred)

Source : Equity Bulls

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