Cairo- Mubasher: Ibn Sina Pharma plans to offer part of its shares on the Egyptian Exchange (EGX) by the end of 2017, Ibn Sina’s managing director Amr Abdel Gawad told Al Borsa news on Thursday.

The pharmaceutical firm hired Beltone Financial Holding to manage its stake sale, or initial public offering (IPO), on the stock exchange, as the registration procedures are scheduled to begin before the end of 2017, said Abdel Gawad, adding that no date has been set for the actual offering or the targeted proceeds.

The offering will be in the form of a partial exit for some shareholders including the European Bank for Reconstruction and Development (EBRD), and will involve capital hike to finance the company’s expansion plans, Abdel Gawad highlighted.

The IPO's targeted proceeds will be determined by the financial advisor, who has not been named yet, the pharmaceutical company's top official added.

The EBRD has no intention to fully exit Ibn Sina Pharma and is committed to investing in the company, he added.