| Mon 5 May 2008, 14:42 | | APN - Aspen Pharmacare Holdings - Voluntary announ |
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APN
APN
APN - Aspen Pharmacare Holdings - Voluntary announcement - Shelys Africa Limited
ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1985/0002935/06
Share code: APN
ISIN: ZAE000066692
("Aspen" or "the Company")
VOLUNTARY ANNOUNCEMENT - SHELYS AFRICA LIMITED
Aspen Pharmacare Holdings Limited is pleased to announce the conclusion of a
deal for the acquisition of 60% of the share capital of Shelys Africa Limited,
with operations in East and Central Africa with effect from 01 May 2008.
Shelys Africa Limited is the holding company of a group of East African
pharmaceutical companies ("the Shelys Group"). The principal operations include
Shelys Pharmaceuticals in Tanzania and Beta Healthcare International in Kenya.
The Shelys Group reported consolidated revenue of USD 38 million for 2007.
Shelys Pharmaceuticals was established in 1984 and holds a strong position in
the Tanzanian market. Products are currently exported into other parts of East
and Central Africa and initiatives are in place to expand further into the
Central African market. The manufacturing facility in Dar-es-Salaam has recently
been upgraded and is capable of manufacturing solids, liquids, capsules and
penicillins. Shelys Pharmaceuticals` diverse product portfolio covers key
therapeutic groups, including:
Pain and fever management
Coughs and Colds
Anti-malarials
Antibiotics/Antimicrobials; and
Contraceptives
Beta Healthcare has its origins with UK`s Boots International and joined the
Shelys Group in 2003. The company has a product portfolio comprising
predominantly of OTC`s and some branded pharmaceutical products. Beta
Healthcare`s domestic customer base is spread throughout Kenya. Export sales are
generated from other parts of East and Central Africa, including Tanzania,
Uganda, Rwanda and Congo.
The Shelys Group offers good manufacturing capabilities and a strong brand
presence in the Central and East African regions. The group`s product offering
is complimented by Aspen`s diverse product range and its strong distribution
network facilitates immediate access into large parts of East and Central
Africa. Furthermore, Aspen is able to offer extensive manufacturing and
commercial expertise to the Shelys Group.
The deal creates a tremendous opportunity for Aspen to leverage its strengths
and extend its reach into Africa. This is aligned to the stated objective of
providing quality, affordable medication throughout Africa.
Aspen Group CEO, Stephen Saad, stated: "We are proud to have formed a strategic
partnership with an established pharmaceutical leader in Africa. The Shelys
Group shares our views on healthcare for Africa and offers excellent
distribution capabilities".
Shelys Africa Group Chairman, Mr Jayesh Shah, commented that the tie up with
Aspen would create a formidable group in the pharmaceutical sector in the East
and Central African region and that this partnership would allow Shelys to
greatly benefit from Aspen`s wide product range, technical expertise and market
coverage.
05 May 2008
Johannesburg
Investment bank and sponsor:
Investec Bank
Date: 05/05/2008 14:42:04 Produced by the JSE SENS Department.
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