Stephen Saad, Aspen Group Chief Executive. image: supplied. Stephen Saad, Aspen Group Chief Executive. .
Aspen Pharmacare Holdings' (Aspen) share price leaped over 7% on the JSE on Friday after it announced the completion of its R27 billion sale of its Asia Pacific (APAC) business.
Marking a milestone in the group’s strategy to realise value, proceeds from the A$2,37bn transaction will strengthen Aspen’s balance sheet and provide enhanced financial flexibility.
The share price ended at R144,70 on Friday. The final divestment price is some R2bn more than originally anticipated due to exchange rate movements. The divestment was made to Australian private equity firm BGH Capital.
“This transaction represents a compelling outcome for Aspen and is a significant milestone in our ongoing strategy to unlock and realise value for shareholders. Importantly, it demonstrates the inherent value that has been created within Aspen over time,” said Aspen group chief executive, Stephen Saad.
