{"id":623785,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/11\/sfe-acquires-a-20-stake-in-care-pharmacies-plus-city-lab-offloads-13-8-of-the-company-on-the-egx\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"sfe-acquires-a-20-stake-in-care-pharmacies-plus-city-lab-offloads-13-8-of-the-company-on-the-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/11\/sfe-acquires-a-20-stake-in-care-pharmacies-plus-city-lab-offloads-13-8-of-the-company-on-the-egx\/","title":{"rendered":"SFE acquires a 20% stake in Care Pharmacies. PLUS: City Lab offloads 13.8% of the company on the EGX"},"content":{"rendered":"

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

The transaction will see the SFE take control of 45 branches <\/strong>out of the 220 run by Care Pharmacies, one of the sources said.<\/p>\n

What\u2019s next:<\/strong> The acquisition \u2014 which comes under the SFE\u2019s partnership with B Investments and El Ezaby \u2014 is set to be finalized in the coming weeks, according to one of the sources.<\/p>\n

Remember:<\/strong> The SFE partnered with private equity firm B Investments and El Ezaby last year<\/a> to set up pharma logistics and distribution firm EZ International. The SFE and B Investments also unveiled<\/a> 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.<\/p>\n

CITY LAB OFFLOADS MORE SHARES-<\/p>\n

City Lab<\/a><\/strong> sold some 88 mn shares \u2014 re<\/strong>presenting 13.8% of the com<\/strong>pany \u2014 for a<\/strong> total of EGP 51 mn<\/strong> in a block trade transaction on the EGX yesterday, according to an EGX bulletin<\/a>.<\/p>\n

ICYMI:<\/strong> Premium Diagnostics UAE<\/a> last month acquired a 9.4% stake<\/a> in City Lab, snapping up some 60 mn shares for EGP 1 apiece.<\/p>\n

Who could the buyers be?<\/strong> While it\u2019s unclear who acquired the shares, we\u2019ve been expecting more of Premium Diagnostics\u2019 subsidiaries to acquire stakes in City Lab. The medical diagnostic services provider\u2019s extraordinary general assembly last month approved<\/a> selling up to EGP 250 mn worth of shares to a consortium that includes Premium Diagnostics\u2019 Saudi, Emirati, US, and Egyptian arms.<\/p>\n","protected":false},"excerpt":{"rendered":"

The SFE will take control of 45 branches of the company out of 220 in total, under the agreement<\/p>\n","protected":false},"author":1,"featured_media":623786,"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":[140,8641,6704,72,7115,7128,427,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-b-investments","tag-care-pharmacies","tag-el-ezaby-pharmacy","tag-enterpriseam","tag-healthcare","tag-ma-watch","tag-pharma","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"69551a91-0e16-4932-a8ef-208eefa39a99","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s sovereign wealth fund acquires 20% of Care Pharmacies for EGP 75 mn. 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Lo cal me dia reported that\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\/2023\/8\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586281,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/sfe-buys-49-of-el-ezaby-launches-pharma-logistics-firm-with-b-investments\/","url_meta":{"origin":623785,"position":1},"title":"SFE buys 49% of El Ezaby, launches pharma logistics firm with B Investments","author":"enterpriseam admin","date":"9 May 2023","format":false,"excerpt":"El Ezaby wants to double its branch count to 600","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\/2023\/5\/442.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590444,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/mti-to-acquire-40-of-b-investments-b-pharma\/","url_meta":{"origin":623785,"position":2},"title":"MTI to acquire 40% of B Investments\u2019 B Pharma","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"The transaction values B Pharma at around EGP 512.5 mn","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\/2023\/7\/759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564769,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/25\/sfe-to-invest-10-in-adqs-acquisition-of-amoun-pharma\/","url_meta":{"origin":623785,"position":3},"title":"SFE to invest 10% in ADQ\u2019s acquisition of Amoun Pharma","author":"enterpriseam admin","date":"25 February 2021","format":false,"excerpt":"SFE to get in on ADQ\u2019s acquisition of Amoun Pharma: The Sovereign Wealth Fund of Egypt (SFE) is reportedly going to join Abu Dhabi\u2019s sovereign wealth fund ADQ in its bid to acquire 100% of Bausch Health\u2019s unit in Egypt, Amoun Pharma, sources close to the matter reportedly told Hapi\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/510.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572188,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/15\/sfe-mulls-investment-in-state-owned-pharma-firm\/","url_meta":{"origin":623785,"position":4},"title":"SFE mulls investment in state-owned pharma firm","author":"enterpriseam admin","date":"15 June 2020","format":false,"excerpt":"INVESTMENT WATCH- Sovereign fund mulls investment in state-owned pharma firm: The Sovereign Fund of Egypt (SFE) is considering investing in state-owned pharma company Chemical Industries Development (CID) through its newly-established healthcare fund, Al Mal reports, citing sources familiar with the matter. 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