Ascendis share price keeps sliding as it cranks up asset disposals
Group will sell its prized Remedica business as debt rises 22% to R7.96bn
The share price of Ascendis Health was heading for a second session of double-digit losses on Wednesday, after the group announced on Tuesday it had accelerated its asset disposal programme to battle a debt pile that is about 20 times its R313m market capitalisation.
Ascendis reported that debt had risen by more than a fifth in its year to end-June on Tuesday, when its share price had its worst day in five months. Losses were extended on Wednesday, with the group’s share price falling 11.9% to close at 59c — its lowest since April.