TSFE Aims To Complete Misr Pharmacies Deal By Q3

(MENAFN- Daily News Egypt) The Sovereign Fund of Egypt (TSFE) intends to acquire a controlling stake in the company that owns the chain of Misr Pharmacies, informed sources have revealed. The fund plans to execute the deal through its specialized healthcare fund and is currently evaluating the company. The transaction is expected to be finalized by the third quarter of this year.

The subsidiary fund places significant importance on the pharmaceutical distribution and supply sector. Notably, this marks the second deal concluded by the fund in this sector. TSFE, in partnership with B Investments Holding Company, launched“EZ International”, which specializes in drug trading and pharmacy management. After acquiring 49% of the El Ezaby Pharmacies chain, EZ International provides logistical and administrative services to pharmacy institutions.

El Ezaby, having acquired 51% of EZ Pharma, was established in collaboration with the Sovereign Fund of Egypt and B Investments Holding Company. The remaining stake is held by the TSFE and B Investments alliance, resulting in a new company capital of EGP 1.2bn.

Over the next two years, TSFE and B Investments plan to invest EGP 500m to support the anticipated expansions of El Ezaby Pharmacies, including the addition of new branches in various governorates. El Ezaby Pharmacies brings its existing pharmacies and technical expertise to contribute to the new company's growth in the field.

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