Published On: Wed, Mar 20th, 2013

MedTech Holdings dispose of Zimbabwe Pharmaceuticals

Harare, March 20, 2013 – MedTech Holdings is in the process of selling its loss making subsidiary, Zimbabwe Pharmaceuticals, after it was closed in November due to viability constraints.

Since then MedTech Holdings Board has accepted a firm offer from a local company for the entire shareholding of Zimbabwe Pharmaceuticals, for a nominal sum, but with certain guarantees against historic debt with some security in place for this debt.

The buyers are making every effort to raise the necessary security. There are also certain regulatory and shareholder approvals needed for this transaction to be finalised and shareholders will be advised of developments.

The Group now looks forward to growing profitably without having to fund manufacturing
losses at Zimbabwe Pharmaceuticals.

MedTech Holdings Limited is a Zimbabwe-based company engaged in the manufacturing, marketing and distribution of health, hygiene, beauty and pharmaceutical products. The Company consists of Manufacturing, Trading and Services business units.

MedTech Holdings Limited operates through several wholly owned subsidiaries, including MedTech Hospital Products (Private) Limited, MedTech Medical and Scientific (Private) Limited, Zvemvura Trading (Private) Limited and Vinpel Trading (Private) Limited.