"Further to the Cautionary Announcement dated 5 December 2022, the Board of Directors (the "Board") of IBL Ltd ("IBL") wishes to inform the shareholders and the public in general that, on 13 February 2023, IBL's subsidiary, Elgon Healthcare Ltd ("Elgon Healthcare") entered into a share purchase agreement for the acquisition of a majority stake in Westlands Heights Limited (the "Transaction"). e Transaction was carried out by IBL as lead investor in partnership with Société de Promotion et de Participation pour la Coopération Économique (« PROPARCO »).
Westlands Heights Limited is a private holding company, incorporated in Mauritius. It is one of the leading medical and pharmaceutical distributors in Kenya and invests in the medical and pharmaceutical sector in Kenya, Tanzania, and Uganda through its wholly owned subsidiaries Harley's Limited, Harley's (T) Limited, and Harley's Uganda Limited respectively.
e completion of the Transaction is subject to the fulfilment of certain conditions precedent including the obtention of relevant regulatory approvals and the satisfaction of all legal requirements.
is 14 February 2023
By order of the Board
IBL Management Ltd
Company Secretary
is communique is issued pursuant to Listing Rule 11.3 and Rule 5 of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007.
e Board of Directors of IBL Ltd accepts full responsibility for the accuracy of the information contained in this communique.
BRN C07001778
IBLGROUP.COM
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IBL Ltd. published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 05:24:10 UTC.
IBL Ltd is a diversified group organized around 7 areas of activity:
- mass retailing (32.4% of net sales): distribution of consumer products (food, wines and spirits, household goods, personal care products, stationery products, etc.), printing equipment and consumables, pharmaceuticals , medical equipment, chemicals and agrochemicals;
- agri-food (21%): production and processing of sugar cane, production and bottling of beverages, production and processing of fish, etc.;
- engineering and construction (20.6%): manufacturing of building materials, development of diesel and electro-diesel engine repair and maintenance solutions, engineering and construction services for construction and industry sectors, sales of industrial and agricultural machinery, rental, servicing and maintenance of building and handling equipment, ship construction and repair services, etc. ;
- hotel operation (14.8%);
- logistics and transport (4.5%);
- financial services (4.3%): banking, insurance, financing services, investment fund management, investment services, etc.;
- other (2.4%): property, pharmaceutical and cosmetic products research and development services, development of testing and certification solutions, etc.
Net sales break down geographically as follows: Mauritius (83.1%), Madagascar-Comoros-Seychelles-Reunion (7.9%), Maldives (3.9%), Europe (2.3%), the United States (0.1%) and other (2.7%).
IBL LTD 