Matrix Laboratories Signs Agreement to Acquire residual holding in Mchem Group of Companies, China

Matrix Laboratories Ltd has announced that the Company has executed Definitive Agreements to acquire the residual holding of Mr. Mark Gao, the erstwhile promoter of Mchem Group of Companies of China. The Company had earlier acquired 60% equity in MChem Group as a part of its backward integration strategy to secure the supply chain for intermediates.

This acquisition would be subject to various approvals that are required to be obtained.

The Stock closed the day at Rs.222.05, down by Rs.4.60 or 2.03%. The stock hit an intraday high of Rs.227.80 and low of Rs.222.05. The total traded quantity was 4641 compared to 2 week average of 10682.

Source : Equity Bulls

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