DISPUTE WATCH- Ibnsina lodges appeal with Court of Cassation to further reduce antitrust fine: Ibnsina Pharma has filed an appeal with the Court of Cassation (the nation’s highest court of appeals) against a lower court decision that cut an EGP 2 bn antitrust fine to EGP 160 mn, the company said in a statement to the bourse (pdf). The company said it was appealing because “the decision is not final, can be appealed, and no date has been set for the appeals hearing.” If the Cassation Court were to accept the company’s appeal, a retrial would take place with EGP 160 mn being the maximum fine Ibnsina would pay, meaning the company is not risking a scenario that would see the court deciding to raise the fine again. The company agreed this week to pay c.EGP 50.9 mn in dividends to shareholders at EGP 0.07 per share, according to a separate EGX disclosure (pdf).

Background: The Egyptian Competition Authority had brought a case against four distributors including Ibnsina, Ramco, Multipharma, and United Company for Distribution and Trade on allegations they colluded to cut credit periods and slash discounts to small retail outlets. The earlier verdict cleared an overhang on Ibn Sina stock and underscored the fact that the Cairo Appeals Court was willing to listen to and understand a complex argument from business.