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Monday, 15 June 2020

SFE mulls investment in state-owned pharma firm

INVESTMENT WATCH- Sovereign fund mulls investment in state-owned pharma firm: The Sovereign Fund of Egypt (SFE) is considering investing in state-owned pharma company Chemical Industries Development (CID) through its newly-established healthcare fund, Al Mal reports, citing sources familiar with the matter. CID is one of a number of companies under consideration by the fund, according to the sources, who didn’t disclose when final decisions would be made.

Background: The SFE signed an MoU last month with New-York based Concord International Investments to set up a joint venture to manage a USD 300 mn healthcare fund focused on Egypt and the Middle East. The sub-fund aims to support the expansion of both public and private healthcare infrastructure projects, as well as set up export-driven healthcare ventures. The SFE said last month that it would be putting healthcare and pharma storage at the forefront of its sub-fund plans amid the covid-19 pandemic.

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