Comments
Ugandan drugmaker Cipla Quality Chemical Industries Ltd said on Thursday it plans an initial public offering and a listing on the East African country’s stock exchange.
The company said each of its shareholders would be “selling a minority of their stakes” in the IPO and that the transaction and potential listing had received regulatory approvals.
The drug maker, majority-owned by India’s pharmaceutical giant Cipla, was established in 2005 and has a manufacturing plant in the Ugandan capital Kampala. It makes a range of drugs including antiretrovirals, anti-malaria and Hepatitis B and C drugs which it sells mostly in sub-Saharan African countries.
The firm said as part of its growth strategy, it “has been evaluating an initial public offering and listing of its issued share capital on Uganda Securities Exchange.”
Cipla, according to a statement, will still maintain a majority stake even after the IPO but the firm did not state how much equity would be offered for sale in the IPO.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.