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Sequent Scientific: Update - Completion Of Sale Of Investments Held In Strides Pharma Science Limited


We refer to our announcement dated August 12 2020 on the proposed sale of investments held by the Company in Strides Pharma Science Limited to Pronomz Ventures LLP and the outcome of Postal Ballot results dated September 18 2020 filed with the Stock Exchanges intimating receipt of shareholder approval for the proposed sale.

Further to the above we wish to inform you that the said sale of shares was consummated today. The proceeds of the sale (net of taxes) will be predominantly utilised to consolidate the Companys shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S. Turkey (Provet) by acquiring 40% stake held by Dr. Husein Aydin in Provet with the balance to be used to pare the outstanding debt of the Company.

Post the acquisition of minority stake which is expected to close on or before October 31 2020 Provet will become a wholly owned subsidiary of the Company.

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