Equinox Pharma ups stake in Rameda

The transaction involved the purchase of 20.83mln shares

Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

REUTERS/Mohamed Abd El Ghany
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.

Source: Mubasher

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