Cipla Medpro South Africa was delisted from the Johannesburg Stock Exchange as of July 16, 2013. This was after Cipla completed its acquisition of the company for US$512 million. Cipla will not only own 100% stake in the company but also take over Cipla Medpro.
Last June 27, the Takeover Regulation Panel of South Africa granted approval to Cipla. Cipla offered ZAR10 per share in exchange for 100% takeover of Cipla Medpro. Cipla hoped to boost its operations in Africa with this acquisition.
Prior to the acquisition, Cipla supplied majority of the drugs of Cipla Medpro. During this time, Cipla did not own any stake in Cipla Medpro.
Cipla, founded in 1935, was a generic pharmaceutical company. The company started with a vision of creating a self-reliant and self-sufficient healthcare situation in India. Now, it has a presence in more than 170 countries. Cipla also offered consultancy, commissioning, plant engineering, and technical transfer and support services.
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