By: Islam Fadl

Cairo – Mubasher: Egyptian International Pharmaceutical Industries (EIPICO) has rejected an offer to acquire Egy Lease’s entire stake of 10.4% in Medical Union Pharmaceuticals (MUP), chairperson of Egy Lease, Iman Ismail, told Mubasher.

EIPICO is currently in talks with Egy Lease to buy a 9.77% stake in MUP, Ismail added.  

It is noteworthy that Egy Lease is the leasing arm of Industrial Development & Workers Bank of Egypt.

Previously, the top official revealed that Egy Lease was in negotiations with EIPICO to sell its entire stake in MUP in a deal expected to exceed EGP 200 million.

On 26 June, EIPICO announced that its board of directors approved to purchase 4.78 million shares in MUP.

During the first quarter of 2019, EPICO’s net profits rose to EGP 218.31 million, compared to EGP 183.97 million in the year-ago period.

Year-on-year, net sales amounted to EGP 915.26 million in the three-month period ended 31 March, compared to EGP 732.08 million.

Translated by: Zeinab Adel