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ENL
ENL
ENL - Enaleni - Appointment of joint-CEO and new strategic direction
Enaleni Pharmaceuticals Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/018027/06)
JSE code: ENL & ISIN: ZAE000067740
("Enaleni" or the "Company")
Appointment of joint-CEO and new strategic direction
Appointment of joint-CEO
In compliance with section 3.59 of the JSE Limited`s Listings Requirements,
shareholders are advised that Jerome Smith, an executive director of Enaleni and
the current Chief Executive Officer ("CEO") of Cipla Medpro, has been appointed
as the joint-CEO of Enaleni, with immediate effect. Mr Smith will work alongside
Trevor Edwards, the existing CEO, until latest 31 December 2007, when it is
expected that Mr Edwards will retire from the Company and Mr Smith, who has
extensive pharmaceutical expertise, will take over as Group CEO.
New strategic direction
The Enaleni group has undertaken to change the strategic direction of the
Company and accordingly will focus solely on the pharmaceutical market. Enaleni
will evaluate the strategic fit of its various Consumer and Vitality businesses
within the new pharmaceutical focus. Should the company determine that any of
these business units or brands are not strategically aligned with the business,
Enaleni will divest of these non-core businesses over a period of time. These
businesses comprise Bioharmony, Muscle Science and the Consumer Division which
owns a number of well known brands within the personal, hair and baby care
markets. Proceeds from the sale of these businesses would be utilised to reduce
debt and fund pharmaceutical growth.
The Company will retain the Cipla Medpro, FirstPharm, Contract Manufacturing and
Tender businesses. The combined market share of Cipla Medpro and FirstPharm saw
Enaleni ranked as the sixth largest SA pharmaceutical company in April 2007
(Source: IMS).
The pharmaceutical focus is supported by the group`s current R100 million
manufacturing facility upgrade to international PIC/S compliance. The factory
will be used to meet the growth demands of Enaleni`s own brands and supply
future tender and contract manufacturing.
Further, FirstPharm, with an Over The Counter (OTC) generics range focussing
largely on gastro-intestinal, pain, antiseptics and sun protection, will be
integrated into Cipla Medpro`s OTC division to strengthen that division and
leverage off Cipla Medpro`s strong sales force.
In support of this revised strategic direction, the group head office will be
relocated to Cape Town with effect from January 2008.
The Company anticipates making additional board appointments to enhance the
pharmaceutical expertise and such appointments are expected to take place during
the second half of 2007.
Durban
06 June 2007
Sponsor
Nedbank Capital
Date: 06/06/2007 16:15:01 Produced by the JSE SENS Department.
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