PNN
Mumbai (Maharashtra) [India], October 9: Medicamen Organics Limited (MOL) (NSE- MEDIORG), one of the prominent players in the pharmaceutical sector, specialising in the development, manufacturing, and distribution of an extensive range of pharmaceutical dosage forms, is pleased to announce the signing of a Definitive Share Purchase Agreement on October 08, 2024, for the acquisition of a 51 per cent stake in Depot Pharmacy YEGO Ltd, a pharmaceutical company based in Rwanda, making Depot Pharmacy YEGO its subsidiary.
This strategic acquisition marks MOL's expansion into the East African market, enabling the company to strengthen its pharmaceutical distribution channels across the region. The Company is committed to maintaining and enhancing the operational capabilities of Depot Pharmacy Yego Ltd while working towards bringing more products in the market.
Commenting on the acquisition, Bal Kishan Gupta, Managing Director, said, " This acquisition is a significant step in our vision to expand globally and strengthen our presence in key international markets. Depot Pharmacy YEGO Ltd provides us with an excellent platform to bring our high-quality pharmaceutical products to Rwanda and tap into the rapidly growing healthcare needs of the East African region. By leveraging their established distribution network, we will be able to efficiently export our products and ensure greater access to affordable medicines.
This partnership will benefit us by expanding our global reach and also supports in scaling our operations and expanding further into neighboring East African countries, driving mutual growth and improved healthcare outcomes across the region."
Commenting on the selling stake in Depot Pharmacy YEGO Ltd, Saurabh Singhal said, "I am confident that Medicamen Organics'leadership and expertise will help Depot Pharmacy Yego Ltd scale new heights and continue delivering high-quality pharmaceutical products in Rwanda."
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