Aspen best performing JSE top stock
IOL Business - May 28th 2012, 08:09
Aspen Pharmacare is the best performing stock among Johannesburg's blue chip companies in the last six months, rising over 36 percent to 120.40 rand.
The southern hemisphere's biggest generic drugs maker that is 19 percent owned by Britain's GlaxoSmithKline has been driving earnings growth through acquisitions, rather than organically, according to Nino Frodema, a fund manager at Momentum Asset Management.
“Growing your earnings in this fashion does inevitably, increase the company's risk profile and it raises the question, just how sustainable their earnings growth profile is going forward?,” Frodema said in an emailed response to questions.
The Durban-based pharmacare acquired GlaxoSmithKline's over-the-counter products for $263 million last month and has reached a deal with the minority shareholders of its east Africa-focused unit, Shelys, to buy their 40 percent holding for $24 million.
Aspen also purchased the generics business of Australia's Sigma Pharmaceuticals for $879 million in 2010.
Share prices of smaller rivals Cipla Medpro and Adcock Ingram have grown 12.6 and 6.5 percent respectively.
Aspen's shares are down 0.4 percent in Thursday's trade, compared with 0.2 percent rise by the Top-40 index. - Reuters
Carlsberg buys stake in China's Chongqing
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Copenhagen/Shanghai - Danish brewer Carlsberg upped its stake in China's Chongqing Brewery to 60 percent, strengthening its foothold in the world's largest beer market by volume, and hopes to further increase its holding, the latter said.
China's wine deal in SA
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Liquor producer receives award for corporate support in Ghana
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Double blow for Adcock suitor
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Ascendis makes JSE debut
25/11/2013 - 08:06
Johannesburg - Ascendis Health debuted on the Johannesburg Stock Exchange on Friday, after raising more than R450m in a share sale to fund acquisitions.