NATCO Pharma Limited, through its wholly owned South African subsidiary, and Adcock Ingram Holdings Limited have issued a combined circular to shareholders of Adcock Ingram giving notice of a general meeting on Thursday, October 9, 2025 to approve the Scheme of Arrangement.

The offer comprises all issued ordinary shares in Adcock Ingram, excluding those already held by NATCO Pharma and Bidvest Group Limited. As such, the Scheme can only be voted upon by the minority shareholders to whom the offer is being made. Bidvest and NATCO Pharma will not participate in the vote.

On July 23, 2025, NATCO Pharma submitted a firm intention cash offer of ZAR 75 per share to Adcock Ingram to acquire the minority-held shares in Adcock Ingram through scheme of arrangement. This will amount to an acquisition cost of around ZAR 4 billion or US$ 228 million at the current prevailing exchange rate.

Should the offer be accepted, NATCO Pharma will hold a 35.75% stake in Adcock Ingram with Bidvest holding the remaining stake and Adcock Ingram will be delisted from the JSE. As a private company, Bidvest and Natco Pharma will seek new revenue streams and opportunities to expand the Company's footprint in one of the largest markets on the African continent.