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Sun 12 Apr 2020 05:24 PM

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UAE pharma firm Julphar announces capital restructuring

Ras Al Khaimah-based company looking to raise AED500m through new share issue

UAE pharma firm Julphar announces capital restructuring

The Ras Al Khaimah-based company is looking to reduce its share capital by just over AED503m by cancelling shares to extinguish accumulated losses and raising AED500m through new shares issued

Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has approved capital restructuring at the company’s annual general assembly (AGM).

Under the plan, the Ras Al Khaimah-based company is looking to reduce its share capital by just over AED503m by cancelling shares to extinguish accumulated losses and raising AED500m through new shares issued, with a nominal value of AED1.

Dr. Essam Farouk, who was appointed chief executive officer at Julphar in April last year, said: “The capital restructuring will mark a milestone in the transformation that is underway at Julphar, which has the clear objective to restore our position as a leading regional pharmaceutical company within three years.”

Julphar employs more than 3,500 people and distributes pharmaceutical products to more than 50 countries on five continents

In January last year, Julphar was forced to recall its low-dose aspirin medicine, Jusprin 81mg, due to an issue “over its stability”.

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