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Cape Town - Ascendis Health [JSE:ASC], the third largest pharmaceuticals company on the Johannesburg Stock Exchange (JSE) announced on Friday that it has concluded an agreement with the Mineworkers Investment Company (MIC).
The deal will see the BEE ownership in Ascendis increase over a three year period.
The agreement has been structured through Coast2Coast, the majority shareholder in Ascendis issuing the MIC a fixed coupon convertible, redeemable debenture to the value of R200m.
“We are excited about the conclusion of this meaningful empowerment deal which will see the BEE ownership in Ascendis grow from currently R165m to a potential R365m, assisting towards our transformation goals," said Ascendis CEO Dr Karsten Wellner.
"The MIC invested in Ascendis during our listing in November 2013 and was keen to increase their exposure to the health sector and become Ascendis’ key BEE partner."
The MIC is a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy and construction workers and their dependants.
The MIC has a net asset value of over R4.15bn and over the past 19 years has disbursed over R390m to the MIT.
“The MIC has been looking at the health sector for a number of years, with a view to invest in a growing sector that is of national strategic importance," said Mary Bomela CEO of MIC.
Ascendis consists of three divisions: consumer brands (nutraceuticals, vitamins, sports nutrition and skin care), phyto-vet (plant and animal health) and pharma-med (prescription drugs and medical devices).
Specialist medical devices
Earlier in Junie Ascendis announced the 100% acquisition of specialist medical devices company Respiratory Care Africa for R145m in a cash and shares deal.
RCA is a 15-year old medical device business, which distributes and services a range of capital equipment and related surgical consumables, specialising in critical care.
It holds key agencies for medical equipment catering to the intensive care unit, neonatal intensive care unit and the operating theatre.
Another acquisition
Also in June, Ascendis Health announced the 100% acquisition of Pharma Natura from Guy Wertheim Aymes Family Holdings for R121m.
The deal included brands like Vitaforce, Bettaway, Homeoforce as well as the properties and manufacturing facility in Johannesburg.
Pharma Natura was established in 1959 and specialises in the manufacture of nutritional supplements, herbal and homeopathic medicines.
More than 90% of its complimentary medicine products are registered under the Medicines and Related Substances Act.
Pharma Natura also manufactures products for recognised third parties under license.
Collectively, this enhances Ascendis’ brand positioning to the retail market and provides the necessary manufacturing scale.
Ascendis expects this will unlock significant vertical integration benefits for its existing consumer brands businesses.
- Fin24
The deal will see the BEE ownership in Ascendis increase over a three year period.
The agreement has been structured through Coast2Coast, the majority shareholder in Ascendis issuing the MIC a fixed coupon convertible, redeemable debenture to the value of R200m.
“We are excited about the conclusion of this meaningful empowerment deal which will see the BEE ownership in Ascendis grow from currently R165m to a potential R365m, assisting towards our transformation goals," said Ascendis CEO Dr Karsten Wellner.
"The MIC invested in Ascendis during our listing in November 2013 and was keen to increase their exposure to the health sector and become Ascendis’ key BEE partner."
The MIC is a 100% black-owned investment company established in 1995 by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy and construction workers and their dependants.
The MIC has a net asset value of over R4.15bn and over the past 19 years has disbursed over R390m to the MIT.
“The MIC has been looking at the health sector for a number of years, with a view to invest in a growing sector that is of national strategic importance," said Mary Bomela CEO of MIC.
Ascendis consists of three divisions: consumer brands (nutraceuticals, vitamins, sports nutrition and skin care), phyto-vet (plant and animal health) and pharma-med (prescription drugs and medical devices).
Specialist medical devices
Earlier in Junie Ascendis announced the 100% acquisition of specialist medical devices company Respiratory Care Africa for R145m in a cash and shares deal.
RCA is a 15-year old medical device business, which distributes and services a range of capital equipment and related surgical consumables, specialising in critical care.
It holds key agencies for medical equipment catering to the intensive care unit, neonatal intensive care unit and the operating theatre.
Another acquisition
Also in June, Ascendis Health announced the 100% acquisition of Pharma Natura from Guy Wertheim Aymes Family Holdings for R121m.
The deal included brands like Vitaforce, Bettaway, Homeoforce as well as the properties and manufacturing facility in Johannesburg.
Pharma Natura was established in 1959 and specialises in the manufacture of nutritional supplements, herbal and homeopathic medicines.
More than 90% of its complimentary medicine products are registered under the Medicines and Related Substances Act.
Pharma Natura also manufactures products for recognised third parties under license.
Collectively, this enhances Ascendis’ brand positioning to the retail market and provides the necessary manufacturing scale.
Ascendis expects this will unlock significant vertical integration benefits for its existing consumer brands businesses.
- Fin24
