By: Islam Fadl

Cairo – Mubasher: Industrial Development and Workers Bank of Egypt is currently in negotiations to acquire Egy Lease’s entire stake in Medical Union Pharmaceuticals (MUP), chairperson of Egy Lease, Iman Ismail, said.

Egy Lease, totally owned by the Industrial Development & Workers Bank of Egypt, seeks to sell its entire stake of 10.4% in MUP in a deal expected to exceed EGP 200 million in value, Ismail told Mubasher on Sunday.

The company submitted a request to the General Authority for Investment and Free Zones (GAFI) to change its status to a joint stock company from a limited liability company to begin stake sale procedures. 

On 16 July, the Egyptian International Pharmaceutical Industries (EIPICO) rejected an offer to acquire Egy Lease’s entire stake of 10.4% in MUP and initiated talks with Egy Lease to purchase a 9.77% stake instead, Ismail previously revealed. 

During the first half of 2019, EIPICO logged a profit of EGP 398.3 million, compared to EGP 388.3 million in H1-18, including minority shareholders’ rights, according to the company’s consolidated financial results.

Sales grew to EGP 1.7 billion in the six-month period ended 30 June, compared to EGP 1.4 billion in the year-ago period.

As for standalone business, EIPICO’s profit registered EGP 371.2 million in H1-19, compared to EGP 368.5 million in H1-18, including minority shareholders’ rights.