Shareholders sell 8.4% stake in Ibnsina: Shareholders have sold 8.4% of their shares in Ibnsina Pharma, amounting to around 69.1 mn shares, at EGP 9.7-10.22 per share, according to an emailed statement from EFG Hermes (pdf). Among the sellers was the European Bank for Reconstruction and Development (EBRD), which reduced its stake to 8.7% from 10.1%, according to the local press. The Abdel Gawad family also reduced its stake from 16.5% to 13.5% and the Mahgoub family from 16% to 13%.

Sale could help boost share value by 42% -Beltone: The sale will increase the percentage of freefloat shares to 45.7% from 37.3%, increasing Ibnsina’s weight on the EGX to 1.54% from 1.26%, Beltone Financial said. This will result in passive inflows of USD 100k equivalent to 0.3 days/trade based on the USD 500k three-month average daily trading volume. Ibnsina could see its share value go up by 42% to EGP 14.35 as a result of the sale, as well as the sector’s strong growth potential and the company’s robust sales.

The sale comes less than a week after Ibnsina announced an agreement with global pharma company Roche to import and distribute 40 Roche products in Egypt. Beltone estimates that the agreement will add around EGP 300 mn to its top line and EGP 24 mn in gross profit by the end of next year.

EFG Hermes acted as the sole sell-side bookrunner on the transaction.