Pioneers Holding Company for Financial Investment has initiated the establishment of Al Nour Pharma for manufacturing and distribution of medicine, of which Pioneers holds 60% stake.
Khaled El-Tayeb, chairperson of Al Nour Pharma, told Daily News Egypt that Pioneers allocated EGP 1bn investments for the new company to finance its expansion. The company will start by distributing medicine, then manufacturing through acquiring an existing company with production lines.
He pointed out that the board of directors of the new company will settle on the target company for acquisition within two months, noting that there are promising opportunities in the pharmaceutical sector in Egypt.
Pioneers said in a statement on Sunday that the company and the remaining shareholders of Al Nour Pharma plan to inject further investments in the company to finance its potential acquisition, which the company is now considering as part of its short and medium term strategic plan.
Al Nour Pharma was established with a capital of EGP 1m. Its investments will reach EGP 1bn.