Pharma major Cipla announced it has sold its entire stake of 51% in Saba Investment Limited (Saba) to Shibam Group Holding Limited.
According to the company’s exchange filing, “, we hereby notify that the Company has entered into a binding term sheet to sell its entire stake of 51% held in Saba Investment Limited, UAE (“Saba”) to Shibam Group Holding Limited, 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 Limited, Yemen (“Cipla Medica”), will cease to be subsidiaries of the Company.”
Shibam Group Holding Limited is a company incorporated under the laws of Ras Al Khaimah International Corporate Centre, UAE, primarily engaged in investment activities in commercial, industrial and real estate ventures. The company currently holds a stake of 49% in Saba.
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