{"id":550370,"date":"2022-10-25T04:01:07","date_gmt":"2022-10-25T04:01:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/saudi-wealth-fund-acquires-minority-stake-in-eipico\/"},"modified":"2022-10-25T04:01:07","modified_gmt":"2022-10-25T04:01:07","slug":"saudi-wealth-fund-acquires-minority-stake-in-eipico","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/saudi-wealth-fund-acquires-minority-stake-in-eipico\/","title":{"rendered":"Saudi wealth fund acquires minority stake in EIPICO"},"content":{"rendered":"

<\/a>PIF now owns a slice of EIPICO:<\/strong> Saudi Arabia\u2019s sovereign wealth fund is strengthening its position in Egypt\u2019s pharma sector, acquiring a 4.7% stake in EGX-listed Egyptian Pharma Company (EIPICO), Al Mal<\/a> reports, citing sources it says are in the know. The Public Investment Fund (PIF) reportedly purchased some 4.7 mn shares from Dubai-based asset manager Saray Capital for more than EGP 140 mn via its newly-established Egypt investment arm<\/a>, the sources said. Representatives of EIPICO declined to comment on the transaction when we reached out yesterday.<\/p>\n

This is the the PIF\u2019s second acquisition in Egypt\u2019s pharma space:<\/strong> The fund has been building a position in Rameda Pharma this year, acquiring more than 11%<\/a> of the company in several transactions since March.<\/p>\n

Who owns what: <\/strong>The Arab Company for Drug Industries and Medical Appliances (ACDIMA) holds 49.99% of EIPICO\u2019s 99.17 mn shares, while minority shares are divided between the Medical Professions Union (5.18%), Africa Alpha Fund (5.09%), the PIF (4.7%). The remaining shares are freefloat.<\/p>\n

They may not be done yet:<\/strong> The PIF plans to acquire a larger share of the company, Al Mal quotes its sources as saying.<\/p>\n

Why buy? Shares are cheap: <\/strong>EIPICO shares have fallen almost 30% since the start of the year, underperforming the EGX30, which is down 13.6% year-to-date. This extends a long-term decline in the company\u2019s share price \u2014 it has lost more than 75% of its value since the beginning of 2018.<\/p>\n

And the fundamentals are holding up:<\/strong> An Al Ahly Pharos research note in May projected that EIPICO\u2019s revenues would grow nearly 17% this year on the back of a rebound in the pharma market and price hikes made last year. Revenues rose 12% y-o-y to EGP 1.7 bn during the first half of the year (pdf)<\/a>, driving a 29% increase in its bottom line, which reached EGP 304.4 mn.<\/p>\n

Spending spree:<\/strong> Since setting up the Saudi Egyptian Investment Company (SEIC) in August, the PIF has<\/a>acquired<\/a> sizeable stakes in e-Finance (25%), Misr Fertilizers Production Company (25%), Alex Containers (20%), Abu Qir (19.82%), and retailer BTECH<\/a> (34%). It has also been linked to a number of other companies in the domestic press, including the Alexandria Mineral Oil Company<\/a>, EgyptAlum<\/a>, and Egyptian Media Production City<\/a>. The investment drive is part of a USD 22 bn package of financial support being offered by Gulf allies to help Egypt\u2019s economy through the economic crisis sparked by the war in Ukraine.<\/p>\n

TOLIP BIDS FOR SHARM HOTEL<\/strong><\/p>\n

Military-owned <\/strong>Tolip Hotels and Resorts<\/a><\/strong> has <\/strong>submitted an initial offer to acquire the five-star <\/strong>Stella Di Mare Beach Hotel<\/a><\/strong> in Sharm<\/strong> El Sheikh for EGP 700 mn from tourism developer Remco\u2019s<\/a> subsidiary Scandinavian Company for Investments and Tourism Development, Remco said in a disclosure (pdf)<\/a> to the bourse yesterday. The offer is being considered and will be presented to the board of directors, the company added.<\/p>\n

Remco already has ties with the Stella brand:<\/strong> The EGX-listed developer built the Stella Di Mare 2 project in Ain El Sokhna in partnership<\/a> with the Armed Forces.<\/p>\n

Correction: 25 October 2022<\/em><\/p>\n

A previous version of this story incorrectly stated that this is the Public Investment Fund\u2019s first acquisition in Egypt\u2019s pharma sector. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

PIF now owns a slice of EIPICO: Saudi Arabia\u2019s sovereign wealth fund is strengthening its position in Egypt\u2019s pharma sector, acquiring a 4.7% stake in EGX-listed Egyptian Pharma Company (EIPICO), Al Mal reports, citing sources it says are in the know. The Public Investment Fund (PIF) reportedly purchased some 4.7 mn shares from Dubai-based asset […]<\/p>\n","protected":false},"author":1,"featured_media":550371,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[487,72,955,7128,427,1292,219,2580],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-eipico","tag-enterpriseam","tag-hospitality","tag-ma-watch","tag-pharma","tag-remco-group","tag-saudi-arabia","tag-tolip","wpautop","entry"],"acf":{"mongo_id":"dfa56241-8a86-4457-8bac-4ad26d1405e5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/325.jpg","photo_position":"above","related_issue":[550364],"teaser":"","voice_url":""},"yoast_head":"\nSaudi wealth fund acquires minority stake in EIPICO - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/saudi-wealth-fund-acquires-minority-stake-in-eipico\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi wealth fund acquires minority stake in EIPICO\" \/>\n<meta property=\"og:description\" content=\"PIF now owns a slice of EIPICO: Saudi Arabia\u2019s sovereign wealth fund is strengthening its position in Egypt\u2019s pharma sector, acquiring a 4.7% stake in EGX-listed Egyptian Pharma Company (EIPICO), Al Mal reports, citing sources it says are in the know. 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according to sources","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/741.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/","url_meta":{"origin":550370,"position":1},"title":"Does PIF want more of EIPICO?","author":"enterpriseam admin","date":"28 November 2022","format":false,"excerpt":"Among the other stories we\u2019re paying attention to this morning:PHARMA- EIPICO says it hasn\u2019t been formally told Saudi\u2019s PIF wants to up its stake: EIPICO IR Manager Abdel Raheem Ghareeb tells us that the company has not received any official notice that Saudi Arabia\u2019s Public Investment Fund (PIF) intends to\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608680,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/24\/eipico-wants-usd-70-mn-to-build-third-factory-plus-gypto-pharma-signs-egp-4-bn-worth-of-agreements-with-saudi-firm\/","url_meta":{"origin":550370,"position":2},"title":"EIPICO wants USD 70 mn to build third factory. PLUS: GYPTO Pharma signs EGP 4 bn worth of agreements with Saudi firm","author":"enterpriseam admin","date":"24 October 2023","format":false,"excerpt":"The two banks in question to provide the funding are Qatar National Bank and Banque du Caire","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591940,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/eipico-acquires-a-10-stake-in-medical-union\/","url_meta":{"origin":550370,"position":3},"title":"Eipico acquires a 10% stake in Medical Union","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"M&A WATCH- Eipico acquires a 10% stake in Medical Union: Pharma player Eipicohas acquired a 10% stake in Medical Union Pharma for EGP 210 mn, sources close to the matter tell Al Mal. The company bought 4.8 mn shares that were previously owned by Egyleaseas part of its exit from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596530,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/eipico-board-approves-acquisition-of-9-77-stake-in-medical-union-pharma\/","url_meta":{"origin":550370,"position":4},"title":"Eipico board approves acquisition of 9.77% stake in Medical Union Pharma","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"M&A WATCH- Eipico looking to acquire 9.77% stake in Medical Union: Pharma player Eipico\u2019s board of directors has agreed to acquire a 9.77% stake in Medical Union Pharma (MUP) for over EGP 200 mn, sources told the local press. The stake belongs to Egylease, which is looking to increase the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548069,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/eipico-waiting-on-up-pharma-dd-clearance-agthia-hasnt-yet-submitted-a-bid-to-acquire-obourland\/","url_meta":{"origin":550370,"position":5},"title":"EIPICO waiting on UP Pharma DD clearance + Agthia hasn\u2019t (yet?) submitted a bid to acquire Obourland","author":"enterpriseam admin","date":"25 July 2022","format":false,"excerpt":"UP Pharma is still studying EIPICO\u2019s takeover bid: Upper Egypt Pharma (UPPharma) has not yet given Egyptian International Pharma Industries Company (EIPICO) the greenlight to conduct due diligence after it signaled intent to acquire 99.99% of the company\u2019s shares in May, EIPICO said in an EGX disclosure (pdf). UP Pharma\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550370"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550370\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550371"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550370"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550370"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}