4th Mar 2021 17:24
(Alliance News) - Umuthi Healthcare Solutions PLC was on Thursday admitted to trading on the London Stock Exchange's Main Market.
Umuthi is a technology-led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas.
Umuthi kicked off its dealings on Thursday morning, with 92 million shares in issue at 30.00 pence each.
Umuthi currently has its main operations, operating through subsidiary Lems, in South Africa but is looking to expand organically and by way of acquisition in Africa and Europe.
"This is possible due to the low-risk business model being ideal for the current global environment caused by the Covid-19 pandemic," the company said.
"Whilst operating in a highly regulated environment and due to South Africa having clusters of highly developed cities and expansive rural areas, general practitioners are required to dispense medicines from their consulting rooms. Large pharmaceutical companies are not permitted to transact with GP's directly, therein giving an opportunity for companies such as Umuthi to provide the warehousing and distribution capabilities to GP's," the company added.
Umuthi is in discussions to distribute Covid-19 vaccines and related products via its distribution and warehousing capabilities.
By Greg Roxburgh; [email protected]
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