EIPICO acquires 9.77% of the shares of the Medical Union Pharmaceuticals Company
Dr. Ahmed Kelani, Chairman of the Board of Directors and Managing Director of the Egyptian International Pharmaceutical Industries Company (EIPICO) announced that within the framework of EIPICO’s plan to increase its investments in the pharmaceutical industry and in full coordination with ACDIMA - EIPICO’s main shareholder…
On Thursday, December 19, 2019, EIPICO purchased 4,780 million shares for L.E. 210,320 million, an acquisition representing 9.77% of the Medical Union Pharmaceuticals (MUP) Company shares.
This comes in accordance with the decision made by the Board of Directors of EIPICO on June 25, 2019, of starting the acquisition process and addressing all concerned parties to obtain the necessary approvals, for the purchase of "EgyLease", the financial leasing company, share of the "Medical Union Pharmaceuticals" Company, within the framework of the former’s exit from the pharmaceutical sector.
Dr. Kelani added that the decision of acquisition was based on the good position of the Medical Union Pharmaceuticals Company in the Egyptian market nowadays and its ambitious plans to grow its local sales, export sales and profits in the future.
Dr. Kelani concluded that this acquisition supports cooperation between the two sister companies (EIPICO and MUP), through using available resources of both companies, with the aim of offering best methods for the continuous availability - as much as possible - of their medicines, whether for the local market or for export, which is the strategic goal for ACDIMA, the country’s powerful provider of medicines.
December 25th, 2019