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US consortium acquires 93% stake in Egyptian pharmaceutical company.

US consortium acquires 93% stake in Egyptian pharmaceutical company. An international consortium, comprising of City Group, Capital International and Concord Investment have finalised the purchase of 93% of Amoun Pharmaceuticals Company (Amoun). The deal has been finalised for a price of EGP 2.6bn (USD 452.6mn). The agreement for this purpose was signed in the presence of Egyptian PM Ahmed Nazif. Amoun Pharmaceuticals has issued 60mn shares and will be getting EGP 47 per share. Amoun Board’s Chairman Tharwat Bassili announced that the consortium plans to buy hundred% of the equity and will soon be making an official bid for the balance shares. Amoun is a leading private pharmaceutical company in Egypt and has a market share of 4.62%.

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