Abu Dhabi – Mubasher: Gulf Pharmaceutical Industries (Julphar) has sold its 51% stake in Alpha Pharma.
Expected to be completed in the third quarter (Q3) of 2021, the transaction is expected to reduce 10% to 12% of Julphar's consolidated total assets as of 31 March 2021, according to a bourse filing on Wednesday.
The transaction will not have a material impact on the group's operations, but its financial impact on the group will appear in the second quarter (Q2) of 2021.
It is noteworthy to mention that as of 31 March 2021, the company has incurred AED 317.1 million accumulated losses, representing 27% of the capital.
