Agostini to buy SuperPharm

Agostini’s board of directors recently signed a letter of intent with Victor E Mouttet Ltd (VEML) to buy from VEML, 100 percent of the shareholding in Smith Robertson and SuperPharm. The transaction will involve the issuance of 29,526,008 new shares in Agostini’s to VEML, subject to the necessary due diligence and shareholder and regulatory approvals for issue and listing of these new shares on the Trinidad and Tobago Stock Exchange.

After the issuance of these new shares, VEML will hold 50.4 percent of Agostini. VEML has indicated that they will appoint two non-executive directors to Agostini’s board.

Agostini entered into this transaction after it was carefully considered by its board of directors with the assistance of valuations provided by William Lucie-Smith, independent corporate finance advisor and former senior partner at PriceWaterhouse Coopers.

Agostini said its acquisition of these two companies, which operate mainly in the pharmaceutical and personal care wholesale and retail businesses, together with its existing businesses which operate in those product markets, would place it in a more robust position.

Agostini said its recent sale of Agos Lighting and this proposed transaction, will help it to become more focused and profitable, operating on a much larger scale in its core area of activity.