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Hester Biosciences Limited on Tuesday informed that its international arm, Hester India, has entered into an agreement to acquire 50 per cent stake in Thrishool Exim Limited, Tanzania.
The acquisition will help Hester increase its distribution footprint in Tanzania and the African continent.
The consideration for the proposed stake acquisition is $2.25 million, a statement said. The proposed transaction is subject to receipt of Tanzanian regulatory approvals.
Operating in Tanzania since 2012, the animal health products distribution company, Thrishool has recorded a turnover of 7.10 billion Tanzanian Shillings (approximately $3 million), as of December 31, 2020.
The company has a product range that includes veterinary feed additives, raw materials for animal feed, nutritional supplements, therapeutics and equipment sourced from recognized international producers.
Over the years, Thrishool has gained prominence andhas established itself as a respectable distribution company in the animal healthcare segment in Tanzania.
The proposed collaboration, along with the additional range of animal vaccines from Hester Africa, will synergise Hester’s distribution network in Tanzania as well as in Africa, an official statement said.
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