{"id":584061,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/"},"modified":"2023-03-26T00:00:00","modified_gmt":"2023-03-26T00:00:00","slug":"b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/","title":{"rendered":"B Investments approves healthcare, pharma investment with SFE. PLUS: More Edita buybacks, 3-month sugar export ban, Capricorn\u2019s Egypt focus"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: 700; background-color: transparent;\">INVESTMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">B Investments\u2019 board signed off on investing up to EGP 500 mn in the Sovereign <\/span><span style=\"font-weight:700\">Fund of Egypt\u2019s (SFE) healthcare and pharma sub-fund<\/span><span>, it said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/B-Investments-SFE-EN.pdf\" style=\"\">statement to the bourse (pdf)<\/a><\/span><span> on Wednesday. The investment is one of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9c41d46-7d0c-4f6e-af88-675213a72da1\" style=\"\">two agreements<\/a><\/span><span> the firm signed with the SFE in January that <\/span><span>could channel <\/span><span>more than EGP 2 bn<\/span><span> i<\/span><span>nto local healthcare and pharma businesses. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span style=\"\">The SFE is looking to draw an initial EGP 1.2 bn for the sub-fund, and hopes to <\/span><span>raise additional capital down the line. It will invest in local pharma players to help them expand into under-served cities around the country and improve their digital offering. The fund had also agreed to invest EGP 100 mn in B Healthcare Investments, which aims to raise up to EGP 1 bn to deploy in the specialized healthcare sector, with B Investments contributing an additional EGP 200 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CAPITAL MARKETS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Edita is buying back another 1% of its shares:<\/span><span style=\"\"> EGX-listed Edita Food Industries will <\/span><span>buy back 7.23 mn of its shares at EGP 14.50 apiece, it said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Edita-shares-buy-back.png\" style=\"\">EGX bulletin<\/a><\/span><span style=\"\"> on Wednesday<\/span><span>. The move takes the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fba9c8d-942d-43ab-b73d-0ecb00e9df6c\" style=\"\">buyback program<\/a><\/span><span>, first announced last summer, to <\/span><span>5.8% <\/span><span style=\"font-weight:400;\">of its share capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Buybacks have helped lift the company\u2019s share price:<\/span><span style=\"\"> Edita stock has <\/span><span style=\"\">climbed almost <\/span><span>90% <\/span><span>since the company first announced the buyback program in August. Shares closed at EGP 15.02 on Thursday after rising 2.9% during the session. Investors have, meanwhile, had appetite for the company\u2019s shares on the back of its strong sales despite the economic headwinds of the past 12 months. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COMMODITIES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">No sugar exports for three months:<\/span><span style=\"\"> The Trade Ministry has banned the export of <\/span><span>sugar for three months, effective last Tuesday, 21 March, according to a decision published in the <\/span><span>Official Gazette<\/span><span style=\"font-weight:400;\">. Exports of any \u201cexcess\u201d supply of sugar could go ahead with approval from the ministry, according to the decree.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ENERGY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Capricorn to cut its UK headcount as it shifts focus to Egypt: <\/span><span style=\"\">The new board of oil <\/span><span>and gas firm Capricorn Energy on Thursday said it will cut its UK workforce to less than 40 people in the next two months as it quits other markets to maximize allocations to its operations here, according to a company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tools.eurolandir.com\/tools\/Pressreleases\/GetPressRelease\/?ID=4263235&lang=en-GB&companycode=uk-cne&v=\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. Capricorn is set to announce the full results of its comprehensive strategic review on 27 April, the statement reads. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span>P<\/span><span>ressure from shareholders led by activist investor Palliser Capital led Capricorn\u2019s former board to resign en masse back in January, killing <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d53cc51-fcea-4cbb-89e7-2d1e6d65fad9\" style=\"\">a proposed merger with Israeli energy firm NewMed Energy<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SFE wants to raise EGP 1.2 bn for the sub-fund<\/p>\n","protected":false},"author":1,"featured_media":584062,"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":[7209],"tags":[111,140,102,598,317,191,68,93,72,7115,91,427,370,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-b-investments","tag-capital-markets","tag-capricorn-energy","tag-commodities","tag-edita","tag-egx","tag-energy","tag-enterpriseam","tag-healthcare","tag-oil-and-gas","tag-pharma","tag-sovereign-fund-of-egypt","tag-trade","wpautop","entry"],"acf":{"mongo_id":"14df0f62-b573-4629-8bef-d23f826e508c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/430.jpg","photo_position":"above","homepage_title":"B Investments approves healthcare, pharma investment with Egypt\u2019s sovereign fund","full_issue_title":"B Investments approves healthcare, pharma investment with Egypt\u2019s sovereign fund. 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