Pharma major, Cipla Ltd said that its subsidiary Saba Investment has entered into an agreement to sell its entire 99 per cent equity stake in Al Jabal for Drugs and Medical Appliances Company, Yemen (AJDMA) to Khalil Ghaleb Ali Al-Jabal.
The company has entered into an agreement for sale on June 7, 2017 and the transaction is expected to be closed within 35 days from Effective Date, the company said in a filing to the Bombay Stock Exchange.
Khalil Ghaleb Ali Al-Jabal is a shareholder of Shibam Group Holdings Ltd which in turn holds 49 per cent stake in Saba Investment Ltd UAE. He also holds 1 per cent stake in AJDMA.
Meanwhile, shares of the company were trading at Rs 549.10 apiece, up 0.03 per cent from the previous close at 11:45 hours on BSE.