Aspen sinks to four-month low as volumes surge after Glaxo sells | Fin24
 
  • Solly Moeng

    Give business owners a reason to stay in South Africa.

  • Pravin Gordhan

    The minister says SA is paying more for electricity because of theft at Medupi and Kusile.

  • Keep Flying the Flag

    The ANC says the state must keep a 'restructured' SAA as a national airline.

Loading...

Aspen sinks to four-month low as volumes surge after Glaxo sells

Sep 29 2016 10:57
Neo Khanyile

(iStock)

Company Data

ASPEN PHARMACARE HOLDINGS LIMITED [JSE:APN]

Last traded 117
Change 3
% Change 2
Cumulative volume 199913
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Aspen targets further Chinese acquisitions

Aspen continues spending spree with $372m purchase

Aspen heads for biggest decline in 17 years

Aspen expands in China as it targets global growth

Aspen to buy AstraZeneca anaesthetics for R7.7bn

Strategic deal between Barloworld and Aspen

 

Johannesburg - Aspen Pharmacare Holdings [JSE:APN] shares slumped to the lowest in more than four months and trading volumes surged after the UK’s GlaxoSmithKline said it has disposed of the final portion of its stake in Africa’s largest generic drug maker.

The stock fell as much as 3.8% to R304.74, the cheapest since May 20, and traded 2.7% lower at R308.25 as of 10:15 in Johannesburg. More than 5.9 million shares were traded; equivalent to almost five times the three-month daily average.

Glaxo sold 28.2 million shares, equal to 6.2% of Aspen’s ordinary share capital, to institutional investors for 300 rand each or R8.47bn according to a statement on Thursday.

That was a 5% discount to Aspen’s closing price in Johannesburg on Wednesday of R316.87 rand. Glaxo sold the same number of shares in 2013 and 2015.

The disposal ends Glaxo’s seven years as a shareholder in the Durban-based company, although Aspen chief executive officer Stephen Saad said the deal wouldn’t affect the drug maker's trading relationships and collaboration in South Africa.

Glaxo sold Aspen the anaesthetics portfolio this month for as much as £280m ($364m).

Fin24's top stories trending on Twitter:

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...