SOUTH Africa's Aspen Pharma has forwarded an opportunistic proposal for the distressed Sigma Pharmaceuticals, which has experienced a 60 per cent fall in the cost of its shares ever since reporting a $389 million loss.

Aspen is Africa's biggest pharmaceutical producer and a major provider of branded and general pharmaceuticals and has existence in Australia's general drugs marketplace.

The $700m proposal, which was given confirmation the previous night, for the whole group, which has been portrayed as non-binding, analytical and provisional, comes as the corporation efforts to reconstruct following an upsetting few months blemished by a extensive trading postponement, soft market circumstances and noteworthy asset write downs.

Whilst the tender of 60c per share comes at a 70 per cent premium to the cost of Sigma's shares prior to the takeover approach became publicized, it is considerably less than the 90c, at which, it was operating prior to the full-year loss that was revealed two months back.

A planned evaluation, including the sale of $90m valued of assets to pay back liability, has been ordered by its banking organization, whilst Sigma's long-time Chief Executive, Elmo de Alwis, Finance Officer, Mark Smith and two Directors, as well as Chairman, John Stocker, have either left the organization or signaled their plan to resign.