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J B Chemicals & Pharmaceuticals announced that the Board of Directors of the Company at its meeting held on 04 November 2015, has approved the acquisition of 21,94,030 (51%) ordinary shares in Biotech Laboratories, South Africa (Biotech), held by Africa Biopharma Investments by a company's subsidiary, subject to necessary approvals and definitive agreements to be entered into with the seller.
The Company's subsidiary J.B. Healthcare presently holds 21,07,990 (49%) ordinary shares in Biotech, besides 175,591 Non-Redeemable Convertible Preference Shares. Post the proposed acquisition, conversion of preference shares and certain fresh issuance of ordinary shares by Biotech, the shareholding of the company's subsidiaries in Biotech will increase to over 95%.
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