The completion of slump sale of the Medical Devices Business is expected to be completed on or before September 30, 2025
Morepen Laboratories at a recently held meeting considered and approved the hiving off of the medical devices business, being an undertaking, to Morepen Medtech, a subsidiary of the company, on a ‘slump sale’ basis as a going concern. This hiving off is subject to the receipt of requisite regulatory approvals, including approval of the members of the company.
The completion of slump sale of the medical devices business is expected to be completed on or before September 30, 2025, subject to receipt of requisite regulatory and other approvals and fulfilment of customary conditions precedent and by the provisions of the BTA.
The consideration for such slump sale will be derived based on the report of the independent valuer in respect of Building and Plant & Machinery, net current assets, other non-current assets and liabilities as per the Balance Sheet as of the effective date of transfer of Medical Devices Business and will also comply with Rule 11 UAE of Income Tax Rules 1962.
