B Investments Holding announced signing two agreements with The Sovereign Fund of Egypt (TSFE) to invest in specialised healthcare and pharmaceutical distribution and trade services in Egypt.
The deals were signed through the wealth fund’s healthcare and pharmaceutical industries Subfund, TSFE Healthcare & Pharma Subfund, according to an official statement on Tuesday.
Under the first definitive agreement, the Subfund will invest EGP 100 million in B Healthcare Investments (BHI), a fully-owned subsidiary of B Investments.
B Investments board has agreed to invest an initial amount of EGP 200 million in BHI. The current paid-in capital of BHI is EGP 130 million.
Under the second Memorandum of Understanding (MoU), B Investments will invest in the Subfund’s established platform dedicated to investing in pharmaceutical distribution and trade services. B Investments board has not yet determined the value of the company’s investments in this platform.
In the first nine months (9M) of 2022, the consolidated net profits after tax of B Investments totalled EGP 998.92 million, higher than EGP 72.92 million in 9M-21, including non-controlling interests.
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