Galxo Group rejects offer to sell shares in GSK Egypt
The majority shareholder is not currently willing to sell any of its shares in the company
By Staff Writer, Mubasher
Cairo – Glaxo SmithKline (GSK Egypt) has received a letter from the Arab Company for Drug Industries & Medical Appliances (ACDIMA) expressing its interest to acquire the majority shareholder’s stake in the company.
ACDIMA requested to be granted access to conduct due diligence on the company, according to a bourse disclosure on Sunday.
GSK Egypt also received a letter from its majority shareholder Galxo Group Limited on 13 March, indicating the termination of talks with Hikma Pharmaceuticals regarding the acquisition of GSK’s pharmaceutical and consumer business in Egypt and its pharmaceutical business in Tunisia.
The majority shareholder said that “it will review its strategic options for these business”, noting that “it is not currently willing to sell any of its shares in the company.”
In the first nine months of 2020, GSK Egypt reported a 51.2% year-on-year growth in its consolidated net profits at EGP 101.41 million.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW