Cipla sells 51% stake in UAE-based Saba Investment

3 Oct 2023 , 12:10 PM

According to a document released on Saturday, the Indian pharmaceutical company Cipla has successfully sold all of its 51% ownership in the UAE-based Saba Investment for $6 million.

With this, the business no longer considers Saba and its subsidiaries Cipla Middle East Pharmaceuticals in the United Arab Emirates and Cipla Medica Pharmaceutical and Chemical Industries in Yemen to be subsidiaries.

We therefore notify that the Company has engaged into a binding term sheet to sell its whole 51% ownership in Saba Investment Limited, UAE (‘Saba’) to Shibam Group Holding Limited, UAE, according to the company’s exchange filing. 

Following the sale, Cipla Middle East Pharmaceuticals FZ LLC in the United Arab Emirates (‘CME’) and Cipla Medica Pharmaceutical and Chemical Industries Limited in Yemen (‘Cipla Medica’) will no longer be the Company’s subsidiaries following the execution of the deal.

Shibam Group Holding Limited is a business registered in Ras Al Khaimah International Corporate Centre, United Arab Emirates. Its main business is investing in commercial, industrial, and real estate operations. Currently, the corporation owns a 49% share in Saba.

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