Printer Friendly

Pharos holding closes $20m deal for Meivo International.

Leading Investment bank, Pharos Holding, has finalised the process of selling the 51% stake of the Cairo-based Meivo International for Pharmaceutical Industries to the Saudi Pharmaceutical Industries & Medical Appliances Corporation -- SPIMACO.

Pharos Holding said in an official statement that the deal was worth $20m, whereby Pharos was the one and only broker responsible for the transaction.

Mohamed Taymour, Pharos Holding founder and chairman, stated: "This transaction reflects the resilience of the Egyptian pharmaceutical market, which is driven by the largest population in the MENA region. Egypt's pharmaceutical sector has enjoyed rapid growth during the past few years, showcasing its ability to persevere despite the political setbacks in 2011 and 2013."

In 2012, Meivo International started its business of "pharmaceutical manufacturing", and the company now has over 75 registered pharmaceutical products.

SPIMACO, on the other hand, is a Saudi joint stock company that specialises in manufacturing, selling and developing pharmaceutical products as well as medical appliances.

Egypt's Pharos Holding carries out a number of investment banking activities. Those include private equity, securities brokerage, asset management and bookkeeping operations backed by a global quality-research arm.

Pharos Holding has closed several transactions acrossthe chemicals and fertilisers, consumer finance, education and telecommunications sectors. In 2014, Pharos acted as an independent financial advisor to Orascom Telecom, Abu Soma Development Company, Global Telecom Holdingand Arabian Cement.

[c] 2015 Daily News Egypt. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:Dec 10, 2015
Words:232
Previous Article:9 policemen referred to court for torturing man to death.
Next Article:Is climate change to blame for 'Islamic State'?
Topics:

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters