The Ghana Securities and Exchange Commission (SEC) has approved the sale of South African pharmaceuticals manufacturer Adcock Ingram’s 53% interest in Ghana-based pharmaceuticals company Ayrton Drug Manufacturing.
Adcock Ingram noted in June that it would sell this stake to Dannex, another Ghanaian pharmaceuticals group.
The transaction was subject to approval by the SEC. An application by Dannex to the commission on August 8 sought to exempt Dannex from making a general offer to all remaining Ayrton shareholders.
The commission subsequently granted Dannex approval to proceed with the transaction, subject to the fulfilment of certain conditions.
Adcock Ingram on Thursday reported that Dannex has since complied with all the conditions precedent and the transaction closed on November 30. The company has also concluded a voting pool agreement with Dannex in relation to Adcock Ingram’s 25.1% interest in Ayrton.