22nd Sep 2016 10:19
LONDON (Alliance News) - Tau Capital PLC on Thursday reiterated that the sale of its stake in its remaining asset is ongoing as the group attempts to sell the business amid challenging market conditions.
Tau said in September 2014 that it has received a USD7.0 million offer for its holding in a Kazakhstan-based pharmaceutical products distributor, from Capital Gate Holdings LLP. Then, in June this year, it said at least one other expression of interest for the stake had been received.
Tau said it continues to pursue the sale of Stopharm and will consider other avenues to offload the stake. It added this will take longer to achieve due to current market circumstances, notably the devaluation of the Kazakh tenge, and said there remains no certainty on the timing of the sale nor whether an agreement will be reached.
Shares in Tau were untraded on Thursday, having last traded at USD0.05.
By Sam Unsted; [email protected]; @SamUAtAlliance
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