Leading Investment bank, Pharos Holding, has finalised the process of selling the 51% stake of the Cairo-based Meivo International for Pharmaceutical Industries to the Saudi Pharmaceutical Industries & Medical Appliances Corporation – SPIMACO.
Pharos Holding said in an official statement that the deal was worth $20m, whereby Pharos was the one and only broker responsible for the transaction.
Mohamed Taymour, Pharos Holding founder and chairman, stated: “This transaction reflects the resilience of the Egyptian pharmaceutical market, which is driven by the largest population in the MENA region. Egypt’s pharmaceutical sector has enjoyed rapid growth during the past few years, showcasing its ability to persevere despite the political setbacks in 2011 and 2013.”
In 2012, Meivo International started its business of “pharmaceutical manufacturing”, and the company now has over 75 registered pharmaceutical products.
SPIMACO, on the other hand, is a Saudi joint stock company that specialises in manufacturing, selling and developing pharmaceutical products as well as medical appliances.
Egypt’s Pharos Holding carries out a number of investment banking activities. Those include private equity, securities brokerage, asset management and bookkeeping operations backed by a global quality-research arm.
Pharos Holding has closed several transactions across the chemicals and fertilisers, consumer finance, education and telecommunications sectors. In 2014, Pharos acted as an independent financial advisor to Orascom Telecom, Abu Soma Development Company, Global Telecom Holding and Arabian Cement.