The European Bank for Reconstruction and Development (EBRD) has fully exited its remaining 8.8 per cent stake in Ibnsina Pharma through the Egyptian Exchange (EGX). The Bank acquired a 20 per cent stake in Ibnsina Pharma in 2015 through a combination of primary and secondary transactions to finance the development of the company’s warehouses, distribution centres and overall supply chain. Since then, the company has grown strongly, becoming the top pharma distributor in the Egyptian market and successfully expanding into a number of non-pharma operations.
Omar Abdel Gawad, the CEO of Ibnsina Pharma, said: “Our partnership with the EBRD has been invaluable to our growth story and expansion – a key part of our journey to becoming the number one player in the Egyptian market.” Ibnsina Pharma is an Egyptian joint stock company established in 2000 which specialises in the distribution of pharmaceutical products. The company is based in Cairo and operates a nationwide network of distribution outlets and warehouses.
The EBRD has carried out a number of equity investments in order to promote and support the private sector in Egypt, investing in companies such as Infinity (Africa’s largest renewable energy developer), Hassan Allam Renewable Energy, Global Corp (a leading leasing and factoring company) and Tamweely (a leading microfinance company). The Bank has also successfully invested in – and now exited – Egyptian healthcare providers such as Cleopatra Hospitals and Adwia/KELIX bio.