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Cairo – Mubasher: EFG-Hermes has finalized the sale of 69.1 million shares of Ibn Sina Pharma, accounting for 8.4% of the company's shares in the secondary Egyptian stock market. .
According to a press release, Hermes acted as head of IPOs and advised sellers, families Abdul Jawad, Mahjoub and the European Bank for Reconstruction and Development.
The Avicenna transaction represents the sixth capital market transaction conducted by EFG-Hermes in various markets since the beginning of 2019. It follows an immediate offer of shares and a share issue. for the Eastern Tobacco Company (ETC).
"This is in addition to Finablr's IPO on the London Stock Exchange, the sale of a 31.5% stake in the Cleopatra Hospitals Group on the Egyptian Stock Exchange, as well as the 39, to the implementation of the IPO between Saudi Arabia and Tadawul. "
EFG Hermes Mustafa Jad, co-head of the IPO's promotion and hedging, said Avicenna had leveraged its international network of clients and expertise in the financial markets to complete the deal in record time, and that the attractiveness of Avicenna and the appetite of investors for the defense sectors, such as the drug Health care were a factor of success of the transaction.
The Egyptian Stock Exchange said that a deal had been concluded through the large-scale trading mechanism involving Ibn Sina Pharma shares worth 670.4 million pounds, or 69.11 million shares, or 9.7 pounds.
Previously, Avicenna Pharma had signed a partnership agreement to import and distribute Roche's products to the Egyptian market, stating that the contract provided for the import and distribution of 40 medicines, all Roche products, intended to treat patients with cancer, multiple sclerosis and hemophilia.
EFG-Hermes achieved a turnover of 686.56 million Egyptian pounds for the six months prior to June 2019, compared with 477.17 million for the same period of the previous year.
It should be noted that Ibn Sina recorded a net profit of 103.19 million pounds in the first half of this year, against a profit of 76.56 million pounds during the same period of the year. last year.
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