Egypt: EIPICO denies receiving acquisition offer

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EIPICO’s statement came in line with news reporting that there is an anticipated acquisition of a majority stake in the company’s shares

Staff Writer, Mubasher

June 14, 2023

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Cairo – Egyptian International Pharmaceutical Industries (EIPICO) announced that did not receive any offers yet, according to a bourse disclosure.

EIPICO’s statement came in line with news reporting that there is an anticipated acquisition of a majority stake in the company’s shares.

During the first quarter (Q1) of 2023, the EGX-listed firm logged consolidated net profits after tax valued at EGP 188.41 million, an annual rise from EGP 173.68 million, including minority interest.

Revenues climbed to EGP 992.42 million in Q1-23 from EGP 927.37 million in Q1-22. As for the standalone business, the net profit after tax declined to EGP 182.64 million from EGP 185.89 million.

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