Local pharmaceutical giant Dannex appears to be on its way to become one of the biggest pharmaceutical company in Africa.
[contextly_sidebar id=”Z7VdxQkR9BwfQvevtabZDqtT9VCVtyrN”]Dannex yesterday Thursday, 9th July, 2015 announced it has officially merged with Starwin Products Limited and will now be under a new name, Dannex Starwin.
‘The merger between Starwin and Dannex Limited has been approved, there has also been a change in name to Dannex Starwin Limited pursuant to section 176 of the Companies Code, Act 179’.
The latest move follows the conclusion of the renounceable rights issue of Starwin Products Limited which led to Dannex becoming majority shareholder of Starwin.
Dannex prior to the renounceable rights issue owned 2.69 percent shares in the company but now owns 68.64 percent stake in the company at a cost of 5,566,802.16 million cedis.
But Dannex following the rights issue was forced to put the merger on hold after complains were presented at the Securities Exchanges Commission (SEC) challenging the validity of the rights issue.
But the Administrative Hearings Committee (AHC) of the Securities and Exchanges Commission per its report dated 11th June, 2015 adjudged that the processes leading to the issue were regular and that the rights issue was proper and valid.
As a result of the AHC ruling, the company organized an Extra Ordinary General Meeting (EGM) at the instance of Dannex Limited, the majority shareholder at the GNAT Hall, Accra on Wednesday, 8th July, 2015, to effect the following changes to the Board.
Shareholders at the EGM voted for the removal of four of its board members with immediate effect.
Board members that were removed from the board are Dr. Albert Gyan Boohene, Mr. Justice Awuku-Sao, Mr. Samuel Anthony De-Abba and Dr. Esther Oduraa Ofei-Aboagye.
Following the removal the constitution of the new board has the following as members.
Mr. Nik Amarteifio, Mr. Yaw Opare-Asamoah, Dr. Barima Afrane, Mr. Alex Bonney, Ms. Amarteokor Amarteifio and Mr. Samuel Atta-Mensah.
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By: Vivian Kai Lokko/citifmonline.com/Ghana