Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) said that its majority shareholder, Galxo Group Limited, received a letter from the Arab Company for Drug Industries & Medical Appliances (ACDIMA) expressing its interest to submit an offer to acquire Galxo Group’s stake in GSK Egypt.

The announcement was made by GSK Egypt on Monday via a statement to the Egyptian Exchange (EGX).

Galxo Group owns a 91.2% stake in GSK Egypt.

In the first nine months of 2020, GSK Egypt reported a 51.2% year-on-year growth in its consolidated net profits at EGP 101.41 million.

The company’s sales increased to EGP 1.42 billion in the nine-month period ended on 30 September, compared with EGP 1.19 billion in the year-ago period.