{"id":50423,"date":"2023-06-07T11:25:40","date_gmt":"2023-06-07T11:25:40","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended"},"modified":"2023-06-07T12:37:04","modified_gmt":"2023-06-07T12:37:04","slug":"ciplas-exit-from-quality-chemical-extended","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended","title":{"rendered":"Cipla\u2019s exit from Quality Chemical extended"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Africa Capitalworks has indicated that completion of the planned buy out of Cipla from Quality Chemical Industries was not achieved by May 31 as earlier planned.<\/p>\n

In a notice yesterday, Africa Capital Works indicated that the buyout, which is expected to cost between $25m (Shs93.3b) and $30m (Shs112b), could not be completed within the planned timeline thus requiring a new transaction close date.<\/p>\n

\u201c[Africa Capitalworks] and Cipla Group have considered the time required to complete the outstanding conditions precedents and agreed to extend the date by which all conditions precedent must be satisfied by [or waived] for the transaction to close,\u201d the notice issued by Africa Capitalworks, reads in part, noting that the transaction close date had been extended to June 31, with the possibility of an automatic extension to July 31.<\/p>\n

The extension will delay the deal, in which the Indian-based drug manufacturer is seeking to dispose of its 51.18 percent stake in Cipla Quality Chemical Industries.<\/p>\n

In a disclosure notice to shareholders filed through Bombay Stock Exchange, National Stock Exchange of India and Luxembourg Stock Exchange, Cipla indicated that it had on March 14 entered into an agreement with Africa Capitalworks, in which it would dispose of its entire stake in Cipla Quality Chemical Industries Uganda held through Cipla (EU), and Meditab Holdings.<\/p>\n

\u201c… the company [Cipla] and its wholly owned subsidiaries, Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a share purchase agreement with Africa Capitalworks for sale of 51.18 [percent] stake held in Cipla Quality Chemical, Uganda. Subsequent to the sale, Cipla Quality Chemical will cease to be a subsidiary of [Cipla],\u201d the notice indicated.<\/p>\n

The noticed had indicated that the sale would be completed by May 31.<\/p>\n

A notice filed through Uganda Securities Exchange indicated that Africa Capitalworks had applied to Capital Markets Authority for approval of the transaction, which, if approved, would impact the company\u2019s shareholding.<\/p>\n

\u201cThis transaction, if approved, will lead to a change in the company\u2019s shareholding structure. Shareholders and the public are hereby notified … and are advised to exercise caution when dealing in the shares of the company,\u201d the notice indicated.<\/p>\n

Delayed sale<\/b><\/p>\n

No details have been provided on the status of Cipla\u2019s application for grant of sale through the Capital Markets Authority. Monitor could not readily establish why the planned sale had been delayed for at least another two months.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Africa Capitalworks has indicated that completion of the planned buy out of Cipla from Quality Chemical Industries was not achieved by May 31 as earlier planned. In a notice yesterday, Africa Capital Works indicated that the buyout, which is expected to cost between $25m (Shs93.3b) and $30m (Shs112b), could not be completed […]<\/p>\n","protected":false},"author":84,"featured_media":50422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-50423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nCipla\u2019s exit from Quality Chemical extended - Uganda<\/title>\n<meta name=\"description\" content=\"Africa Capitalworks has indicated that completion of the planned buy out of Cipla from Quality Chemical Industries was n ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cipla\u2019s exit from Quality Chemical extended\" \/>\n<meta property=\"og:description\" content=\"Africa Capitalworks has indicated that completion of the planned buy out of Cipla from Quality Chemical Industries was n ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-07T11:25:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-07T12:37:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/06\/sm_1686125133.684679.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Cipla\u2019s exit from Quality Chemical extended\",\"datePublished\":\"2023-06-07T11:25:40+00:00\",\"dateModified\":\"2023-06-07T12:37:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\"},\"wordCount\":408,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/06\/sm_1686125133.684679.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ciplas-exit-from-quality-chemical-extended\",\"name\":\"Cipla\u2019s exit from Quality Chemical extended - 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