Cairo – Mubasher: International Company for Medical Industries (ICMI) inked a contract to purchase a 72% controlling stake in Banff Nonwovens Company for EGP 23.40 million, according to a bourse filing.

Under the deal that was signed on 6 February 2023, ICMI paid EGP 9.60 million, equivalent to 41% of the total equity that the firm aims to acquire.

Meanwhile, the EGX-listed company will hand over the remaining cash amount over several instalments during 2023.

In the first nine months (9M) of 2022, ICMI registered a hike in net loss after tax to EGP 567,203 from EGP 381,205 in 9M-21.

Sales amounted to EGP 3.01 million in 9M-22, higher than EGP 963,818 during the January-September 2021 period. 

The loss per share stood at EGP 0.009 in the nine-month period that ended on 30 September 2022, an annual plunge from EGP 0.015.