Egypt: Ekuity increases stake in Rameda for over $8mln
- Date: 15-Sep-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
Egypt: Ekuity increases stake in Rameda for over $8mln
Cairo – Ekuity B.V. bought 53.76 million shares in Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) for a total value of EGP 159.52 million, equivalent to an average share price of EGP 2.96.
Accordingly, Ekuity's stake in Rameda increased to 8.20% from 2.82%, according to a bourse disclosure on Thursday.
EFG Hermes acted as a broker in the transaction.
It is worth noting that in the first half (H1) of 2021, Rameda achieved a 41.4% annual increase in net profits to EGP 61.47 million from EGP 43.47 million.
In the meantime, revenues soared to EGP 537.77 million in H1-21 from EGP 437.46 million in H1-20.
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