Advanced Enzyme Tech arm SciTech Specialities board nods to acquire 14% stake in Vectang

28 Jan 2022 , 11:10 AM

The Board of Directors of SciTech Specialities Private Limited, a 51% subsidiary of Advanced Enzyme Technologies Limited has approved investment in SciTech in Vecteng SciTech (Pty) Ltd, South Africa by acquiring 14% of the paid-up share capital of Vecteng for an amount not exceeding USD 14500 (~Rs1.09 million). The board has also been given authority to sign the Shareholder’s Agreement with Vectang.

The objective of the acquisition is market expansion & growth for SciTech Specialities Pvt Ltd.’s health care products in African markets, the company said in a filing.

At around 11.12 am, Advanced Enzyme Technologies Ltd was trading at Rs317.20 per share up by Rs2.5 or 0.79% from its previous closing of Rs314.70 per share on the BSE.