Aspen Pharmacare sells its infant milk formula business for R12.9 billion

Aspen Pharmacare on Thursday said it would sell its Nutritionals business to the French dairy firm Lactalis Group for R12.9 billion.

Africa’s largest drug company increased revenues by 3% to R42.6 billion in the year to 30 June.

Normalised headline earnings per share were up 10% to 1605 cents.

It declared a dividend of 315 cents per ordinary share.

Ray White (in for Bruce Whitfield on The Money Show) interviewed Aspen Pharmacare CEO Stephen Saad.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

No one loses jobs here. It’s just the most unbelievable offering… The buyer doesn’t have a position in infant milk formulas… The employees are better off in this environment…

Stephen Saad, Aspen Pharmacare

We’re outperforming our peers in almost every facet of the business…

Stephen Saad, Aspen Pharmacare

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