Wed | Dec 2, 2020

Indies Pharma owners transfer shareholdings to parent Bioprist

Published:Sunday | February 3, 2019 | 12:00 AM
Dr Guna Muppuri, president and CEO of Indies Pharma Jamaica Limited.

Dr Guna Muppuri founder of junior market company Indies Pharma Jamaica Limited announced that shares valued at over $2.8 billion held by him and connected parties were moved to a holding company.

It reflected the largest movement in shares of the company listed last August.

“It is an inter-company movement from our personal shareholding to our parent entity at Bioprist,” Muppuri told Gleaner Business.

The trade occurred Wednesday, January 23, in which 927 million units traded. The stock closed at $3.05.

The trade happened after the release of company’s first set of financials since listing in which Indies made net profit of $120 million on revenues of $636 million over its full year ending October 2018.

The husband and wife team Guna and Vishnu Muppuri hold 590.86 million shares and 336.14 million shares, respectively, in Indies Pharma. Their combined stake amounts to 70 per cent of the pharmaceutical distribution company.

steven.jackson@gleanerjm.com