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Sunday, 12 April 2020

Pharma chain 19011 buys Roshdy for EGP 362 mn

M&A WATCH- Pharma chain 19011 has acquired 100% of Roshdy Group in a transaction worth EGP 362 mn, according to the local press. This is the second chain 19011 has acquired after buying Al Image Group’s 17 outlets last year in a transaction worth c. EGP 80 mn. 19011 is a market newcomer, having launched only three years ago. The chain has come under scrutiny by the Pharmacists’ Syndicate, which launched an investigation for a suspected breach of a law stipulating that pharmacists should own no more than two retail branches. A Health Ministry body permanently suspended Roshdy Group’s Hatem Roshdy from its registry last year over licensing-related breaches.

Naeem Securities brokered the transaction between 19011 and Roshdy.

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