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Monday, 1 July 2019

Eipico board approves acquisition of 9.77% stake in Medical Union Pharma

M&A WATCH- Eipico looking to acquire 9.77% stake in Medical Union: Pharma player Eipico’s board of directors has agreed to acquire a 9.77% stake in Medical Union Pharma (MUP) for over EGP 200 mn, sources told the local press. The stake belongs to Egylease, which is looking to increase the sale to 10.4%. Eipico is working on hiring an independent financial advisor to value MUP’s shares, said the company’s IR officer Abdel Rahim Elmorly. CIB signed last week an EGP 400 mn medium-term financing contract with MUP, bringing the company’s total credit facilities to EGP 1 bn.

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