Cipla has entered into a binding term sheet to sell its entire stake of 51% held in Saba Investment, UAE (Saba) to Shibam Group Holding, UAE. Consequent to the sale, upon execution of the transaction, Saba and its subsidiaries viz Cipla Middle East Pharmaceuticals FZ LLC, UAE (CME) and Cipla Medica Pharmaceutical and Chemical Industries, Yemen (Cipla Medica), will cease to be subsidiaries of the Company. Consideration to be received from such sale/disposal is $6.50 million. The company will continue to service the market directly from Cipla, India, though with certain changes in the business model.
Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients.
