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Aspen sinks to four-month low as volumes surge after Glaxo sells

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Johannesburg - Aspen Pharmacare Holdings [JSE:APN] shares slumped to the lowest in more than four months and trading volumes surged after the UK’s GlaxoSmithKline said it has disposed of the final portion of its stake in Africa’s largest generic drug maker.

The stock fell as much as 3.8% to R304.74, the cheapest since May 20, and traded 2.7% lower at R308.25 as of 10:15 in Johannesburg. More than 5.9 million shares were traded; equivalent to almost five times the three-month daily average.

Glaxo sold 28.2 million shares, equal to 6.2% of Aspen’s ordinary share capital, to institutional investors for 300 rand each or R8.47bn according to a statement on Thursday.

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