Strides acquires controlling stake in Kenyanco

Drug firm Strides Shasun has completed the acquisition of controlling stake in Kenya's Universal Corporation in a bid to strengthen its business in that country.
"The ... Transaction has achieved closure," Strides Shasun said in a BSE filing.
Earlier, the company had announced signing of a definite agreement to acquire 51 per cent stake in Universal Corporation for a total consideration of USD 14 million.
Under the terms of the agreement, Strides was to hold 51 per cent of the issued capital of Universal and the remaining 49 per cent were to continue to be held by the current promoters.

The Nairobi-based firm is strongly entrenched in the East African territory with its front end business and has supply contracts with key donor agencies.
Shares of Strides Shasun today closed 0.74 per cent higher at Rs 1,126.60 per scrip on BSE.