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Monday, 8 January 2018

Sun Pharma raises stake in Ranbaxy Malaysia to 85.9%

Sun Pharma, through its filing on BSE, has informed that it has increased shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, through its wholly owned subsidiary to 85.9% from 79.55%.

Ranbaxy Malaysia Sdn Bhd is a subsidiary of the company, and the total shareholding of Sun Pharmaceutical Industries Ltd, along with its wholly owned subsidiary Sun Pharma (Netherlands) BV was 79.55%, prior to this purchase of shares. It is involved in the business of manufacturing and selling of pharmaceutical products in Malaysia and the Republic of Singapore.

Sun Pharma (Netherlands) BV, by way of further purchase of 508,313 shares of face value of MYR1.00 each of Ranbaxy Malaysia Sdn Bhd, has increased total stake to 85.9%. The total consideration for additional stake is ~MYR2.18mn.

The reported turnover of Ranbaxy Malaysia Sdn Bhd for FY15, FY16 and FY17 are MYR67.86mn, MYR77.82mn and MYR95.32mn respectively. The company has a dosage manufacturing unit in Malaysia, which serves requirement and demand arising from the regional markets.

Sun Pharma plans to achieve the US$ 300 Million synergy benefits in FY18 from the Ranbaxy integration. These synergies will be driven by a combination of revenue synergies, procurement synergies, manufacturing rationalisation, productivity improvements and other cost-management measures. As a part of the integration process, the Company has been taking steps to rationalise product portfolios and its global manufacturing presence.

The stock closed at a price of Rs592, up by 2.28%, on January 8, 2018.

 
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