Drug major Cipla on Tuesday said it has inked a pact with Africa Capitalworks to sell a 51.18 per cent stake in Uganda-based Cipla Quality Chemical Industries Ltd.

The company and its wholly-owned subsidiaries, Cipla (EU) Ltd and Mauritius-based Meditab Holdings Ltd, have entered into a share purchase agreement with Africa Capitalworks on March 14, Cipla said in a regulatory filing.

Subsequent to the sale, Cipla Quality Chemical Industries (CQCIL) will cease to be a subsidiary of the company, it added.

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Consideration to be received by Cipla (EU) Ltd and Meditab Holdings Limited shall be in the range of USD 25-30 million, Cipla noted.

The proposed sale is expected to be completed by May 31, 2023, it added.

Africa Capitalworks is a wholly owned subsidiary of Africa Capitalworks Holdings (ACW), an investment management company incorporated in Mauritius.

ACW is engaged in providing permanent equity capital and complementary skills to mid‐market companies across Sub‐Saharan Africa. PTI MSS MR