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Renata to set up UK subsidiary

FE Report | May 18, 2018 00:00:00

Renata Limited, a pharmaceutical and animal health products manufacturer, will establish a subsidiary company in the UK after fulfilling necessary regulatory requirements to export products to the countries of European Union.

The name of the subsidiary will be Renata (UK) Limited as the company's board of directors approved a proposal in this regard, according to an official disclosure on Thursday.

Earlier in January 18, the company informed that two factories-the Potent Product Facility at Mirpur and the General Facility at Rajendrapur-had approved by the Medicines and Healthcare products Agency (MHRA) of the UK.

The two manufacturing sites have been approved by ISO 14001: 2015 (Environmental Management) and BS OHSAS 18001: 2007 (Occupational Health and Safety Management).

The company also received registration for two products in the UK. The sales of Hydrocortisone 10 mg and 20 mg tablets started in February in the UK.

The government of Bangladesh has approved acquisition of two abbreviated new drug applications (ANDAs) by Renata.

Each share of the drug maker closed at Tk 1,246.10 on Thursday, registering an increase of 0.69 per cent over the previous session.

Renata Limited, which was listed on the Dhaka bourse in 1979, disbursed 130 per cent cash and 15 per cent stock dividend for the year ended on June 30, 2017.

The company's paid-up capital is Tk 700.30 million, authorised capital is Tk 1.0 billion and the total number of securities is 70.03 million.

Sponsor-directors own 51.16 per cent stake in the company while institutional investors 17.61 per cent, foreign investors 22.39 per cent and general public 8.84 per cent as on March 31, 2018.

The company made a net profit of Tk 2.62 billion in the year ended on June 30, 2017, up by 19 per cent, from Tk 2.21 billion in the previous year.

In January-March 2018 quarter, the company's consolidated earnings per share (EPS) stood at Tk 11.06 as against Tk 8.87 for January-March 2017.

In the nine months, from July 2017 to March 2018, consolidated EPS was Tk 31.14 as against Tk 26.26 for July 2016-March 2017.

Renata Limited (formerly Pfizer Limited) is one of the leading and fastest growing pharmaceutical and animal health product companies in Bangladesh.

The company started its operations in 1972 as Pfizer (Bangladesh). In 1993, Pfizer transferred the ownership of its Bangladesh operations to local shareholders and the name of the company was changed to Renata Limited.

Presently, there are three subsidiaries of Renata -- Renata Agro Industries, Purnava Limited and Renata Oncology Limited, according to its website information.

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