Ayala Group raises stake in Generika to 52.5%
The Ayala family is taking a controlling interest in the Generika Group of Companies after acquiring an additional stake from various shareholders.
In a stock exchange filing, Ayala Corp. said wholly-owned subsidiary Ayala Healthcare Holdings Inc. inked an agreement to acquire 970,412 more shares or about 2.5 percent of Generika.
The transaction will effectively raise Ayala Healthcare’s holdings in Generika to 52.5 percent.
AC said the issuance of shares would only be made after the satisfaction of the conditions precedent.
“This transaction allows the Generika group to raise additional capital for operations and national store expansion,” AC said.
The Generika group, composed of Actimed, Erikagen, Novelis Solutions and PharmGen Ventures Corp., is one of the pioneers in the retail distribution of quality generic medicines in the country with over 800 stores nationwide.
It is the third largest player in retail pharmacy in the country by number of stores.