ASPEN PHARMACARE HOLDINGS LIMITED - ACQUISITION BY ASPEN PHARMACARE HOLDINGS
LIMITED (`ASPEN`)OF FINE CHEMICALS CORPORATION (PTY) LIMITED (`FCC`)
Aspen Pharmacare Holdings Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1985/022935/06)
Share Code: APN ISIN: ZAE000023586
(`Aspen`)
ACQUISITION BY ASPEN PHARMACARE HOLDINGS LIMITED (`ASPEN`)
OF FINE CHEMICALS CORPORATION (PTY) LIMITED (`FCC`)
Further to the announcement dated 10 March 2004, all of the conditions precedent
relating to the acquisition of FCC, by Aspen have now been fulfilled. FCC
manufacturers and supplies off-patent active pharmaceutical ingredients (`APIs`)
to the pharmaceutical industry. The transaction will complete today, 13 July
2004. The last outstanding condition, Competition Commission approval, was
obtained on Friday 9 July 2004. The Competition Commission approved the
transaction subject to certain undertakings relating to the supply of narcotics
in the South African market. These undertakings require FCC to continue with
the supply of narcotics on the principle terms used before the transaction.
This undertaking is valid for a period of three years.
It is a stated strategic objective of Aspen to develop the capability for the
production of the APIs used in the antiretrovirals to treat HIV/AIDS at FCC.
The way is now clear for Aspen to engage with potential technology partners in
this regard.
FCC expects to report revenue of R170 million and EBITDA of R30 million for the
twelve months prior to completion of the transaction. The existing business is
materially influenced by the relative strength of the rand, approximately 50% of
revenue being derived from exports.
Durban
13 July 2004
Sponsor
Investec Bank Limited
On Behalf Of: Stephen Saad, Aspen Group CEO
Tel: (031) 580-8600
Fax: (031) 580-8640
Date: 13/07/2004 03:44:42 PM Produced by the JSE SENS Department
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