SOURCE: EastPharma Ltd

January 10, 2008 03:48 ET

Internal restructuring

LONDON--(Marketwire - January 10, 2008) -

Subject: Internal restructuring.

London, 10 January 2008 - Hereunder is the announcement made by EastPharma's subsidiary Deva Holding A.S. to the Istanbul Stock Exchange:

Deva Holding A.S. announces that the non-core activities of its insurance brokerage and catering services, previously supplied by Deva's subsidiary Sayat Saglik Yatirimlari ve Ticaret A.S. ("Sayat"), have been transferred to Vetas Veteriner ve Tarim Ilaclari ("Vetas"), Deva's subsidiary specializing in the manufacturing of veterinary products and agrochemicals. The transfer was approved by the shareholders of Vetas on 28 December 2007 and registered at the trade registry on 31 December, 2007.

The elimination of Sayat as a corporate entity will reduce administrative costs and increase efficiency within the EastPharma Group, in line with the restructuring programme currently being implemented.

Established in 1973 as a specialist in veterinary products and agrochemicals, Vetas has a large product portfolio including 60 registered products in over 100 presentation forms. Vetas products are manufactured according to GMP and GLP standards rules and have a specialist sales team.

Following the completion of the merger, EastPharma has applied to the Turkish Capital Markets Board to be exempt from making a tender offer following the completion of the merger. Given EastPharma's direct and indirect shareholding in Vetas, Eastpharma is not required to conduct a tender offer to Sayat's shareholders, since the change in EastPharma's shareholding in Vetas is below the 10% regulatory requirement and has not changed, and there is no change in the management or control structure of Vetas .

For further information, please contact:
EastPharma Limited
Idil Bora - Investor Relations
Tel.: + 90 (212) 6929326


Copyright © Hugin ASA 2008. All rights reserved.

Contact Information