ASPEN:  17,460   -267 (-1.51%)  24/09/2018 00:00

Shares in South Africa's Aspen slump on sale of infant formula business

JOHANNESBURG, Sept 13 (Reuters) - ** Shares in African drug maker Aspen Pharmacare slumped 10.71 percent to 243.32 rand ($16) after it announced the sale of its infant formula business. ** The company sold the business to French dairy group Lactalis for 12.9 billion rand. ** "This is not ideal because that business was a strong driving force behind the stock and is getting sold off quiet heavily as a result," said Nedbank Private Wealth portfolio manager, Kyle Burgess. ** The infant formula business contributed 3.1 billion rand to group revenue for the year ended June 2018. ** The drug maker reported a 5 percent rise in full-year normalised earnings. ($1 = 14.8318 rand) (Reporting by Patricia Aruo)

2018-09-13 11:15:28

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