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Medical Union board OKs Eli Lilly acquisition

Medical Union board OKs Eli Lilly acquisition
Amer Group
AMER
-2.06% 1.00 -0.02
The board of Medical Union Pharmaceuticals Company (MUP) gave the go ahead on Saturday for concluding a contract to buy ‘Eli Lilly’ plant that produces insulin.
The board also approved a contract to buy the land plot, buildings and assets of Eli-Lilly’s plant, at a total value of $3.2 million. It also nodded to buying spare parts and services in the plant for $5.285 million.
The company is targeting the actual production in Ismailia plant early in September, 2015. It will start trial operation in June, 2014.
The company’s budget estimate for 2015 shows that the company is targeting EGP 154 million net profit after tax, or 12.3% of total sales estimated at around EGP 1.25 billion.
According to the company, administrative and general expenses are forecasted to reach nearly EGP 96.4 million, or 7.71% of expected sales.
The company had posted a drop by 11.8% in net profit for the first nine months of FY14 to EGP 78 million.
Photo Credit: Arabianeye-Reuters