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ENL
ENL
ENL - Enaleni moves into high gear on disposals and factory upgrade
Enaleni Pharmaceuticals Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/018027/06)
(JSE code: ENL & ISIN: ZAE000067740)
("Enaleni Pharmaceuticals")
3 July 2007
Enaleni moves into high gear on disposals and factory upgrade
Incoming Enaleni Pharmaceuticals group CEO Jerome Smith today announced approval
by the Board to sell off the group`s consumer and vitality products businesses.
This comes after extensive assessment of these businesses. Enaleni will divest
of Bioharmony, Muscle Science and the Consumer Division, which owns well known
emerging market brands such as Hercules and Caivil. Smith said while each of
the companies had shown growth over the past six months, they were not aligned
with the group`s revised pharmaceutical focus.
In addition, Smith has decided to temporarily suspend manufacturing at the
Durban-based facility until such time as the unit has been upgraded to PIC/S
(Pharmaceutical Inspection Convention/ Co-operation Scheme) status and achieved
MCC GMP approval. "While the upgrade is currently on target, we are committed
to meeting government`s requirements of attaining PIC/S compliance and believe
that by fast tracking the upgrade and ceasing manufacturing in the interim,
Enaleni will be strategically better positioned in the longer term as we will be
one of the first in South Africa to meet these standards," he said. In terms of
profit, the factory is currently an insignificant contributor.
Enaleni is working closely with Cipla Ltd, consultants CTC-Tech who are
overseeing the upgrade work, and other world renowned experts in PIC/S
compliance with regards to the new facility and expediting the upgrade.
With reference to the disposal of the consumer products businesses, he said that
since June`s announcement that Enaleni considered the possible sale of the
individual businesses, there had been significant interest shown by prospective
buyers and the group anticipated they will be disposed of relatively swiftly.
Enaleni is also progressing with the January 2008 relocation of its head office
to Cape Town. The integration of FirstPharm Pharmaceuticals into Cipla Medpro is
also progressing according to plan and this will be completed by December. The
combined market share of Cipla Medpro and FirstPharm sees Enaleni positioned as
the sixth largest local pharmaceutical company and the company plans to increase
this market share through some exciting new product launches over the coming
months.
The group is currently in a closed period ahead of the release of its interim
results due for release in August.
Ends
Issued by: Ros Walsh
Communications Manager
Enaleni Pharmaceuticals Ltd
Tel: 031-451 3800 / email: ros@enaleni.com
Contact: Jerome Smith
CEO
Enaleni Pharmaceuticals Ltd and Cipla Medpro
Tel: 021 9140520
Date: 03/07/2007 13:54:03 Produced by the JSE SENS Department.
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