Cipla said on Tuesday that it has agreed to sell 51.18 percent of its ownership in Uganda-based Cipla Quality Chemical Industries Ltd. to Africa Capitalworks.
On March 14, the firm and its wholly owned subsidiaries, Cipla (EU) Ltd. and Mauritius-based Meditab Holdings Ltd., announced a share purchase deal with Africa Capitalworks, according to a regulatory filing.
Cipla Quality Chemical Industries (CQCIL) would no longer be a subsidiary of the firm after the transaction, it noted.
Cipla (EU) Ltd. and Meditab Holdings Ltd. would receive consideration in the amount of USD 25–30 million, according to Cipla.
The planned transaction is scheduled to be finalized by May 31, 2023, according to the company.
Africa Capitalworks is a fully owned subsidiary of Africa Capitalworks Holdings (ACW), a Mauritius-based investment management firm.
ACW works with mid-market businesses in Sub-Saharan Africa to give them permanent equity funding and other skills that will help them grow.
