Zuellig Pharma transfers stake in Interphil for P128M

Zuellig Pharma Corp. on Thursday said it sold its 31.11 percent stake in Interphil Laboratories Inc. to its unit Khatibi Holdings Ltd. for P128.21 million. Khatibi, a newly created subsidiary of The Zuellig Group, bought 128.21 class B shares in Interphil from its parent for the price of P1 per share. Interphil is a listed firm which manufactures, processes and packs pharmaceuticals, chemicals and veterinary products. Khatibi was incorporated by The Zuellig Group specifically to manage its interest in Interphil. "Khatibi, among other things, will undertake the restructuring and rationalization of Interphil's business," said lawyer Ana L.A. Peralta, Interphil corporate secretary. Peralta said expansion plans include venturing into the manufacture of generic medicine. "These activities are designed to allow Interphil greater possibility of achieving a turnaround to profitability," she said. The PSE has requested Interphil to disclose more details of the transaction. However, Interphil has asked for a seven day period to gather the requested information saying Khatibi's documents, which are all held in Switzerland, are not readily available. The Zuellig Group is a multinational firm that has interests in healthcare and pharmaceuticals, agribusiness and realty. - Patricia de Leon, GMANews.TV