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

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.

Source: Mubasher

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