Back to the complete issue
Monday, 25 July 2022

EIPICO waiting on UP Pharma DD clearance + Agthia hasn’t (yet?) submitted a bid to acquire Obourland

UP Pharma is still studying EIPICO’s takeover bid: Upper Egypt Pharma (UP Pharma) has not yet given Egyptian International Pharma Industries Company (EIPICO) the greenlight to conduct due diligence after it signaled intent to acquire 99.99% of the company’s shares in May, EIPICO said in an EGX disclosure (pdf). UP Pharma is still studying the offer, the disclosure said.

Refresher: EIPICO’s board had approved the start of procedures to potentially acquire a 99.9% stake in UP Pharma in late May. Both firms are owned by the Arab Company for Drug Industries and Medical Appliances (ACDIMA), and the transaction would see EIPICO snag ACDIMA’s stake in UP Pharma to bring it under its umbrella.

OTHER M&A NEWS- Obourland has not received any interest or formal acquisition offers from Emirati food and beverage firm Agthia Group, the company said in an EGX disclosure (pdf) yesterday. The denial followed reports in the local press that the ADQ-owned firm is interested in purchasing Obourland and plans to submit a non-binding offer as soon as it concludes its acquisition of Auf Group. Agthia also denied the news to Bloomberg Asharq.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.