The stake of Ugandan businessman Emmanuel Katongole in the pharmaceutical company Cipla Quality Chemical Industries Limited (CiplaQCIL) is now worth $2.87 million (UGX10.19 billion).
CiplaQCIL is a pharmaceutical manufacturing company based in Luzira, a suburb of Kampala, the capital city of Uganda.
The company manufactures triple-combination antiretroviral drugs, including the antimalarial drug, Lumartem, which contains artemisinin and lumefantrine, and the Hepatitis-B generic medicines, Texavir and Zentair.
Katongole is the chairman and executive director of CiplaQCIL. He holds a 2.79-percent stake in the pharmaceutical company, which translates to 101,933,042 ordinary shares.
Aside from his stake in the company, Katongole also owns a beneficial interest in Vero Food Industries Limited and Tinosoft Limited, an IT company in Kampala.
Data retrieved by Billionaires.Africa from the Uganda Stock Exchange revealed that the market value of his stake is currently valued at UGX10.19 billion ($2.87 million).
Katongole’s stake in the Uganda-based pharmaceutical company has gained UGX1.53 billion ($430,145) in the past 87 days. Investors and bargain hunters are cherry-picking shares in the company after the price fell to an all-time low of UGX85.02 ($0.0240) per share on May 5.
As of press time, 8:20 AM (UTC), shares in the company were worth UGX100 ($0.02817), rebounding strongly by 18 percent in 88 days on the back of renewed buying interest on the Ugandan bourse.
CiplaQCIL has carved a niche for itself in the East African health sector as it continues to explore opportunities in the healthcare industry through medicine production to combat non-communicable diseases and cancer.
The company recently received approval to manufacture and distribute life-saving medicine to the ECOWAS and ZAZIBONA regions.
The approval will see the drug maker manufacture and distribute antiretrovirals and malaria medicines and gain entry into new markets in Africa.
CiplaQCIL employs more than 350 permanent staff and has assets worth UGX248.47 billion ($69.95 million).