EFG Hermes completes sale 8.4 percent of Ibnsina Pharma’s shares on Egypt bourse

Investment bank EFG Hermes on Sunday concluded advisory on the follow-on sale of 69.1 million shares, representing 8.4 percent of Ibnsina Pharma’s shares on the Egyptian stock exchange.

Shareholders have sold 8.4 percent of their shares in Ibnsina Pharma, amounting to around 69.1 million shares, at 9.7-10.22 Egyptian pounds per share, according to EFG Hermes’ bourse filling.

Among the sellers was the European Bank for Reconstruction and Development (EBRD), which reduced its stake to 8.7 percent from 10.1 percent.

The Abdel Gawad family also reduced its stake from 16.5 percent to 13.5 percent and the Mahgoub family from 16 percent to 13 percent.

EFG Hermes acted as the sole sell-side book runner on the transaction.

The sale is EFG Hermes’s sixth equity capital market (ECM) transaction in 2019. There were Fawry’s recent IPO, the follow-on offering for Eastern Company on the Egyptian bourse, the IPO of global payments platform Finablr on the London Stock Exchange, the sale of 31.5 percent of Cleopatra Hospitals Group on the Egyptian bourse as well as Arabian Centers Company’s IPO on the Saudi Tadawul.