Egypt’s Rameda Pharmaceutical to float 49 pct stake on EGX

Rameda expects to start trading on December 11. (File photo: Reuters)

Egypt’s Rameda Pharmaceutical said on Wednesday it would float 49 percent of its shares on the Egyptian stock exchange to raise up to 1.755 billion pounds ($109 million) and expects to start trading on December 11.

The shares, which will be offered in two tranches, will have a price per share of 4.66 pounds, according to the prospectus published in Egyptian newspapers.

One tranche, representing a 5 percent stake, will be sold to small investors in a public offering.

Rameda, which was established by a group of investors from the Arabian Gulf in 1994, manufactures and sells branded generic pharmaceutical products.

The company's paid-up capital – the amount it has received from directly selling its shares to investors – is currently 160.90 million pounds, distributed through 643.60 million shares with a par value of 0.25 pound per share.

Cairo-based CI Capital is Rameda’s IPO Manager, while Tamimi, Maatouq Bassiouni and Al-Hinnawi are the legal advisers.

Last Update: 09:17 KSA 12:17 - GMT 09:17