Cairo - Mubasher: Equinox Pharma Holding Limited raised its stake in Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) to 15.39% from 12.68%.

The transaction involved the purchase of 20.83 million shares for EGP 58.58 million, averaging EGP 2.8 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday. 

Commenting on the deal, Rameda's CEO, Amr Morsy, said: "We look forward to further solidifying Ramda's decade-long relationship with our main shareholder, Equinox."

The Managing Director of Equinox, Shamel Aboul Fadl, commented: "Since our initial acquisition of Rameda ten years ago as part of a consortium of investors, to the company's successful public listing in 2019 and beyond, we are pleased to have been a part of Ramenda's exceptional growth story."

In 2020, Rameda recorded net profits of EGP 111.51 million, up from EGP 81.67 million a year earlier, including minority shareholders’ rights.