SFE acquires 20% of Care Pharmacies: The Sovereign Fund of Egypt (SFE) has acquired a 20% stake in the local pharma chain Care Pharmacies for EGP 75 mn via its healthcare sub-fund, Asharq Business reported, citing two sources it says are in the know.

The transaction will see the SFE take control of 45 branches out of the 220 run by Care Pharmacies, one of the sources said.

What’s next: The acquisition — which comes under the SFE’s partnership with B Investments and El Ezaby — is set to be finalized in the coming weeks, according to one of the sources.

Remember: The SFE partnered with private equity firm B Investments and El Ezaby last year to set up pharma logistics and distribution firm EZ International. The SFE and B Investments also unveiled plans in January 2023 to invest in the healthcare and pharma industries under two agreements that could channel more than EGP 2 bn into local businesses.

CITY LAB OFFLOADS MORE SHARES-

City Lab sold some 88 mn shares — representing 13.8% of the company — for a total of EGP 51 mn in a block trade transaction on the EGX yesterday, according to an EGX bulletin.

ICYMI: Premium Diagnostics UAE last month acquired a 9.4% stake in City Lab, snapping up some 60 mn shares for EGP 1 apiece.

Who could the buyers be? While it’s unclear who acquired the shares, we’ve been expecting more of Premium Diagnostics’ subsidiaries to acquire stakes in City Lab. The medical diagnostic services provider’s extraordinary general assembly last month approved selling up to EGP 250 mn worth of shares to a consortium that includes Premium Diagnostics’ Saudi, Emirati, US, and Egyptian arms.

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