Australian Pharmaceutical Industries (ASX:API) has sold all of its shares in Sigma Healthcare.
API has sold 137,264,592 Sigma shares. Following the transaction API holds no shares in Sigma.
API’s Chairman, Mark Smith says the Board has decided to sell its Sigma shareholding now because the strategic and commercial fundamentals that made the merger a compelling proposition for both sets of shareholders have significantly diminished.
Australian Pharmaceutical Industries says selling it's Sigma shares will allow it to further accelerate its focus on its portfolio of businesses.
Shares in Australian Pharmaceutical Industries (ASX:API) are trading 0.39 per cent higher at $1.29.