New Diversified Healthcare Group Lists on JSE
17 May 2010
Johannesburg, May 17 – Litha Healthcare Group Limited, today officially announces the company’s move to the main board of the JSE. Formerly known as Myriad Medical Holdings Limited, the newly named group is the result of the successful acquisition of Litha Healthcare Holdings, by Myriad Medical. The transaction, initiated by the AltX -listed company late last year, included the name change undertaking and move from the AltX to the main board of the JSE.
The Litha Group is now a more diversified healthcare company, with product and service offerings in vaccines, pharmaceuticals, medical devices, cold chain logistics, as well as medical capital equipment and technical support services.
“This is a momentous day for the entire group” says CEO, Selwyn Kahanovitz. “Our team has worked tirelessly to ensure a smooth and seamless transition during this acquisition period, culminating in today’s listing on the JSE.”
“We are excited and immensely proud to have moved from the AltX to the main board of the JSE today and look forward to attracting increasing interest in our company and shares,” says Kahanovitz.
Commenting on the listing, Russell Loubser, JSE CEO said: “We are delighted to have listed Litha Healthcare Group Limited on the JSE today and look forward to providing a platform for Litha to take advantage of the opportunities in the healthcare sector in South Africa.”
Since the acquisition agreement was announced in December last year, both companies’ teams worked diligently to ensure a smooth integration of the combined businesses upon the listing on the JSE.
“Our ability to finalise this transaction in such a timely manner and put the necessary operational mechanisms in place, is a testament to the strong work ethic and commitment of our people,” adds Kahanovitz.
The group will continue to deliver on its promise of sourcing the best affordable quality products for its customers and drive value for its shareholders.
Strengthened and Diversified Portfolio
Litha Healthcare Group Limited is now a stronger and expanded group with exciting growth prospects within each of its product portfolios. The combined company now has capabilities in biotechnology, pharmaceuticals, vaccines, medical devices, cold chain logistics, as well as medical capital equipment and support services. The group is well placed to continue its delivery of consistent and stable growth over the short and long term.
The new Litha Executive Leadership represents a combination of Litha Healthcare Holdings and Myriad Medical leaders. The larger diversified team, bring a significant pool of industry experience and credibility to the group.
The newly named Litha Board , includes: Selwyn Kahanovitz, CEO; Martin Kahanovitz, CFO; Deputy CEO, Dr Morena Makhoana; William Marshall-Smith, Non-Executive Director; Nkululeko Sowazi, Non-Executive Director; Mandi Mzimba, Independent Non-Executive and Andrew Bonamour as Non-Executive Chairman. Each board member has been selected on the basis of their solid financial and business acumen and their contribution the company.
Since listing on the AltX in October 2006, Myriad Medical has delivered consistent positive results, mostly through organic growth. Litha Healthcare Holdings, which has been operational for 18 years, has also proved a consistent and strong performer. With a combined revenue of R1 billion, the group is well on its way to reaching the critical mass that Myriad Medical set out to achieve since listing. Litha Healthcare Group Limited should also further benefit by capitalising on synergies between the businesses as well as benefitting from established relationships each holds within the private and public healthcare sector.
With the Group’s substantial footprint in niche markets across the healthcare sector, Litha Healthcare Group Limited is well placed to build on its existing market presence and take advantage of the changing South African healthcare landscape.
Litha Healthcare Group Limited is a JSE-listed integrated healthcare company with a varied product offering in: biotechnology, vaccines, pharmaceuticals, medical devices, cold chain logistics, as well as medical capital equipment and support services. The group holds 32 international agencies and has extensive contracts in both the public and private healthcare sector.
More information is available at: www.lithahealthcare.co.za / www.myriadmed.com
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