Cairo – Mubasher: Ibnsina Pharma signed an agreement to acquire 75% of 3elagi Tech, an application that connects consumers with pharmacies, labs, and healthcare providers, allowing them to order medicine online.

This move is another step forward for Ibnsina Pharma’s digital transformation plan after launching its online ordering application last July, according to a bourse disclosure on Monday.

The majority of the investment, amounting to EGP 25 million, will be used to raise 3elagi Tech’s capital to finance future expansions.

The remaining 25% stake will be kept by the founders who will remain onboard to further expand the business and enhance its digital footprint.

During the first half (H1) of 2020, Ibnsina Pharma achieved net profits of EGP 88.9 million, down from EGP 103.19 million in H1-19.