AfroCentric, the owner of Medscheme and Pharmaceutical Direct, is positioning itself to compete with pharmaceutical giants after announcing on Tuesday that it has reached an agreement to acquire a further 74 percent stake in drug importing company Activo. The black-owned investment company, which is partly owned by Sanlam, already owns 26 percent of Activo. Getting full control of the company will make it a significant player in the pharmaceutical industry. "Though Activo competes with significantly bigger companies, like Aspen and Adcock Ingram, the pharmaceutical cluster is becoming an important part of our portfolio. It now contributes about 30 percent of the group's revenue. This is a meaningful transaction. It's a growing asset that is complementary our offering," said AfroCentric CFO Hannes Boonzaaier. The transaction is still subject to regulatory and AfroCentric shareholders' approval, and will be effective from January 1 2019. AfroCentric will pay R588m for the transaction ...

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