Egy Lease will enter into negotiations with Egyptian International Pharmaceutical Industries (EIPICO) to sell its entire stake of 10.4% in Medical Union Pharmaceuticals (MUP), chairperson of Egy Lease, Iman Ismail, told Mubasher.
The total value of the potential deal is expected to exceed EGP 200 million, Ismail added.
EIPICO announced that its board of directors has approved to purchase a 9.77% stake or 4.78 million shares in MUP, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
It is noteworthy that Egy Lease is the leasing arm of Industrial Development & Workers Bank of Egypt.
During the first quarter of 2019, EPICO’s net profits grew to EGP 218.31 million, compared to EGP 183.97 million in the year-ago period.
Year-on-year, net sales surged to EGP 915.26 million in the three-month period ended 31 March, compared to EGP 732.08 million.
As for standalone business, EIPICO’s profits hiked to EGP 203.31 million in Q1-19, compared to EGP 172.66 million in Q1-18.