Ibnsina antitrust fine reduced to EGP 160 mn from EGP 2.04 bn
DISPUTE WATCH- Ibnsina confirms antitrust fine reduced to EGP 160 mn from EGP 2.04 bn: Ibnsina Pharma confirmed yesterday in an EGX disclosure (pdf) that a Cairo appeals court has reduced to EGP 160 mn an original EGP 2.04 bn antitrust fine handed by the Cairo Economic Court. “Ibnsina Pharma asserts its strict adherence to the law and to the highest corporate governance standards in its day-to-day activities, policies and procedures. Ibnsina Pharma will maintain its legal right to defend its position and to safeguard the interests of its shareholders,” the company said in an emailed statement (pdf).Ibnsina’s executives can appeal the verdict before the Court of Cassation “within the permissible legal time frame,” the statement said. Read why this case matters.
Market reaction: Ibnsina shares jumped 14.61% on Wednesday, closing at EGP 12.47. Shuaa Securities has adjusted its 12-month price target to EGP 13 per share, a 20% increase from Ibnsina’s close price on Tuesday, it said in a research note on Wednesday.