Cairo – Mubasher: EFG Hermes on Sunday announced the completion of its advisory on the follow-on sale of Ibnsina Pharma’s 69.1 million shares, representing 8.4% of the company’s shares on the Egyptian Exchange (EGX).  

The leading financial services corporation in frontier emerging markets served as sole bookrunner on behalf of the selling shareholders, namely the Mahgoub Family, the Abdelgawad Family, as well as the European Bank for Reconstruction and Development (EBRD), according to a statement.

The deal is EFG Hermes’ sixth equity capital market (ECM) offering in 2019, following a series of another deals including the initial public offering (IPO) of the e-payment platform Fawry, the follow-on offering for Eastern Company on the EGX, and Arabian Centers Company’s IPO on the Saudi Stock Exchange (Tadawul).

Earlier this year, EFG Hermes also concluded its advisory on Finablr’s IPO on the London Stock Exchange (LSE) and the sale of a 31.5% stake in Cleopatra Hospitals Group on the Egyptian bourse.

The EGX announced that Ibnsina Pharma’s stock saw a deal worth EGP 670.4 million after 69.11 million shares were exchanged at a value of EGP 9.7 per share.

“EFG Hermes was able to tap into its expansive global network of clients to finalise the sale in a record time,” co-head of investment banking at EFG Hermes Mostafa Gad said.

The company’s “track-record in accelerated book-builds and ongoing leadership of regional ECM transactions were also supported by Ibnsina Pharma’s strong fundamentals and strong investor appetite for defensive industries, such as healthcare, that thrive in a market like Egypt,” he added.

It is noteworthy that during the first half of 2019, EFG Hermes logged a profit of EGP 686.56 million, compared to EGP 477.17 million in the prior-year period.  

Ibnsina Pharma’ net profits rose to EGP 103.19 million in H1-19, compared to EGP 76.56 million in H1-18.