ICEC

Egypt’s HC eyes completion of two more acquisitions before 2016-end

Egypt’s investment bank, HC Securities and Investment plans to make two acquisitions totalling 700 million Egyptian pounds ($78.8 million) before the end of this year, an official said Tuesday.

HC is currently working on six acquisitions in Egypt and the Arab world in the food, financial services, healthcare, packaging, and transport sectors, Mahmoud Selim, Head of Investment Banking at HC Securities, told Amwal Al Ghad.

Selim further said HC completed two acquisitions totalling 1.035 billion Egyptian pounds ($116.6 million) since the beginning of 2016,

In March, HC made the fast growing multinational pharmaceutical group Hikma Pharmaceuticals’ acquisition of 98.09 percent of the share capital of EIMC United Pharmaceuticals (EUP), a pharmaceutical manufacturing company specialising in oncology products, for 300 million pounds.

HC had also earlier in January finalised Middle East Glass Manufacturing Company’s (MEG) acquisition of 100 percent of the share capital of Misr Glass Manufacturing, a company specialized in the manufacturing and marketing of container glass for the food and beverage industry inside and outside Egypt. The transaction value was 735 million pounds.

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