Bangalore-based Sami Labs Pvt Ltd is exploring at the possibility
of getting listed in the US equity markets. The international
listing will be done along with its IPO in the latter half
of fiscal 2004. Ernst & Young is already working on
a feasibility report on the company's IPO.
the company's plans Dr Muhammad Majeed, chairman & managing
director, Sami Labs said, "We are seriously considering
an international listing along with the IPO. Considering
our experience of more than 15 years in the US the listing
process should be smooth." "It will take about
a year for the formalities and paper work to complete. The
company will be utilising the proceeds of the international
listing or the IPO for its expansion activities," he
meanwhile, the company is thinking of merging its business
concerns Organic Aromatics, Anju Phytochemicals and the
US-based Sabinsa Corporation, under a single entity called
Sami Labs. E&Y will assist the company in the merger.
"The merger will enhance the management efficiency
of the company. E&Y will soon furnish its report on
merger, which should happen in the first quarter of 2004.
As per our estimation, the company will not encounter much
restructuring costs in the merger process. No work force
would be shed during the process," he said.
Labs researches and manufactures herbal-based medicines
and has so far invested close to Rs.60 crore in four production
units at Bangalore, Singasandra, Kunigal and Mysore. Over
the years, Sami has built up R&D team of over 100 scientists.
company recently received US patents for three new active
ingredients - Tetrahydrocurcuminoids (THC), Coleus Oil and
also received approval from US FDA for its research about
cholestrol on Gugulipid, an herbal extract. The research
is at the Investigational New Drug (IND) level, which is
expected to get completed by April 2004.