Kilitch proposes USD 14 million sale of Ethiopian subsidiary
KILITCH · price
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Kilitch Drugs proposes to sell its entire stake in Ethiopian subsidiary Kilitch Estro Biotech PLC to HarmeeCare Pharmaceuticals in a transaction valued at USD 14 million. The money raised will repay debt, lower finance costs, and fund Pen plant expansion and Indian operations. It plans a long-term supply and technical services agreement to retain an Ethiopian presence. Completion is targeted by January 31, 2027, pending approvals and paperwork.
The sale could reduce debt and fund expansion, supporting cash flow and growth, but benefits depend on completion and effective use of proceeds.