Ugandan multimillionaire Emmanuel Katongole’s stake in Cipla Quality Chemical Industries Limited (CiplaQCIL) has grown by 8 percent since April 13.
The growth in his stake follows a rise in the shares of CiplaQCIL on the Uganda Stock Exchange.
The gains have led to $201,748 (UGX713.53 million) increase in the market value of his stake, as investors continue to accumulate additional shares in the pharmaceutical manufacturing company on the back of renewed buying interest.
Aside from other drivers, the gains in the company’s shares were buoyed by the news that CiplaQCIL recently acquired approval to manufacture and distribute lifesaving medicine to the ECOWAS and ZAZIBONA regions in Africa.
This makes CiplaQCIL the first manufacturer from East Africa to receive such approval.
CiplaQCIL is a Uganda-based pharmaceutical company that produces drugs to treat malaria, HIV and Hepatitis B. In addition, the company is exploring medicine production to help fight non-communicable diseases and cancer.
The company employs more than 350 permanent staff, 38 percent of whom are female, and has assets worth $69.95 million (UGX248.47 billion).
Shares in CiplaQCIL cleared at $0.0249 (UGX88.00) per share on April 13. Sustained buying interest in the company’s shares among investors pushed the market price up by 8 percent to $0.0269 (UGX95.00) per share as of press time, 11:20 am (UTC+1), June 21.
The 8-percent increase in the market value of CiplaQCIL’s ordinary shares has returned gains for the company’s equity holders.
Emmanuel Katongole, the founding CEO of the Uganda-based pharmaceutical company, owns a 2.79-percent equity stake.
The multimillionaire, whose net worth is around $500 million, owns 101,933,042 ordinary shares in Cipla Quality Chemical Industries Limited.
Katongole’s stake in the company has increased from $2.54 million on April 13 to $2.74 million as of press time today, June 21. This translates to a gain of $200,000 for the wealthy businessman in 69 days.
