South African drug manufacturer Adcock Ingram has disposed of its shares in local drug company Ayrton Drugs Manufacturing Company after describing the company’s performance as not meeting their expectations.
The South African-based company had a 53 percent stake in Ayrton Drug but in a statement that announces its 2019 half-year performance, the company revealed that it had had to dispose of the investment which comes after a similar sell-off in Zimbabwe.
The decision by the company meant that it is exiting the West African country. Ayrton Drugs is said to be considering proposals of merging with other drug companies such as Dannex and Starwin.
The firm said on Wednesday full-year earnings rose 10.6% while headline earnings per share from continuing operations for the year ended June 30 rose to 421.7 cents from a restated 381.3 cents in the previous year.
Adcock Ingram, which also has operations in India, said revenue rose 11% to 7.1 billion rand ($465.97 million). ($1 = 15.2369 rand)