CiplaCQIL was listed on the bourse in 2018
A new investor, Africa Capitalworks SSA 3, is set to acquire majority stake in Cipla Quality Chemical Industries Ltd (CiplaCQIL).
In a statement dated 15 March 2023 and signed off by the Company Secretary, the Company reveals that on 14 March 2023, the Board of Directors of Cipla Quality Chemical Industries Limited was advised by Africa Capitalworks SSA 3 (the “Offeror”) of its intention to acquire 51.18% of the issued ordinary shares of the Company.
The shares comprise 51.05% from Meditab Holdings Limited and 0.13% from Cipla (EU) Limited.
The sellers are both wholly owned by Cipla Limited, the statement says.
“The Board has been informed that the Offeror has applied to the Capital Markets Authority for approval of this transaction in line with the Capital Markets (Takeovers and Mergers) Regulations, 2012. This transaction, if approved, will lead to a change in the Company’s shareholding structure,” the statement says, adding: “Shareholders and the public are hereby notified of this development and are advised to exercise caution when dealing in the Shares of the Company.”
In September 2018, following a successful Initial Public Offering, CiplaQCIL shares were listed on the Uganda Securities Exchange for the first time.
CiplaQCIL is one of the largest pharmaceutical manufacturers in East Africa and also one of the largest in Sub-Saharan Africa (SSA).
