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Memphis Pharmaceutical approves financing to pay off EGP 300m debt

Memphis Pharmaceutical approves financing to pay off EGP 300m debt
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Memphis Pharmaceutical
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Cairo – Mubasher: The board of directors of Memphis Pharmaceutical and Chemical Industries has approved by circulation the financing package provided by the Abu Dhabi Islamic Bank (ADIB) to pay off a debt worth EGP 300 million.

The debt is owed by Memphis Pharmaceutical to El Gomhouria Company for Drugs, according to a bourse disclosure on Wednesday.

So far, the debt value stands at EGP 294.29 million.

During the period from July 2021 to June 2022, the adjusted financial statements of Memphis Pharmaceutical indicated a 77% annual hike in profits at EGP 74.08 million, compared to EGP 41.80 million a year earlier. 

Noteworthy to mention, ADIB is dually-listed on the Abu Dhabi Securities Exchange (ADX) and the Egyptian Exchange (EGX).