By James A. Loyola
Ayala Healthcare Holdings, Inc. (AC Health) is taking control of the Generika group of companies with the acquisition of additional shares which will increase its stake to 52.5 percent from 50 percent.
In a disclosure to the Philippine Stock Exchange, parent company Ayala Corporation said AC Health has signed conditional agreements to subscribe to an additional 2.5 percent stake in each of the Generika companies.
Under the agreements, AC Health will acquire additional common shares of stock in Actimed, Inc. (706,579 shares), Erikagen, Inc. (42,105 shares), Novelis Solutions, Inc. (155,921 shares), and Pharm Gen Ventures Corp. (65,807 shares), equivalent to 2.5 percent of each company.
“This transaction allows the Generika group to raise additional capital for operations and national store expansion,” Ayala said.
The Generika group is one of the pioneers in the retail distribution of quality generic medicines in the country with over 800 stores nationwide. It is the third largest player in retail pharmacy in the country by number of stores.
Ayala had bought its 50 percent stake in the group from the family of Julien Bello. Teodoro Ferrer and his group, who co-founded Generika with Bello, continues to hold the remaining stake in Generika.