Pryce pares portfolio, drops pharma

Pryce Corp. is paring down its business portfolio, dropping pharmaceuticals from its core group as the listed company streamlines operations.

The company is transferring its 7.5-million-share stake in Pryce Pharmaceuticals Inc. to PGI Retirement Fund Inc. for P7.5 million, effectively carving out the pharmaceutical products segment from its core businesses.

Pryce said in a disclosure on Thursday that the transaction is part of its “effort to streamline its business operations” and will “formally drop the pharmaceutical products segment from its core group of companies.”

The move gives Pryce a leaner core portfolio, although the company did not disclose how much the pharmaceutical segment contributes to its revenues or earnings.

Pryce’s board approved the transaction on 30 September, covering 7.5 million common shares of Pryce Pharmaceuticals with a par value of P1 each.

The shares will be assigned to PGI Retirement Fund at P1 apiece, putting the total consideration at P7.5 million.

Pryce President Efren A. Palma was authorized to execute the deed of assignment and other documents needed to complete the transfer.

PGI Retirement Fund’s board separately approved receiving the shares and authorized Executive Officer Judie C. Lozano to execute the transaction on its behalf.

Pryce did not provide further details on its plans following the pharma exit or quantify the financial impact of the portfolio streamlining.