RIYADH: Saudi Arabia’s Public Investment Fund has participated in the private placement of Egypt’s Macro Capital, which was 1.8 times covered, the company’s chairman told Asharq.
The Cairo-based medical cosmetics manufacturer currently holds 23 percent of the Egyptian pharmaceutical sector, Ahmed El Nayeb said.
In its private offering, Macro Group raised 251 million shares on the Egyptian stock exchange, as it sought to offer a 45.8 percent stake in total.
This represented around 1.3 billion Egyptian pounds ($82.7 million), given the price per share was set at 4.85 pounds.
The remaining stake was floated through a public offering that was 102 percent oversubscribed, and the company officially listed on Egypt’s blue-chip index EGX today, Feb. 10.
Along with the PIF, the offering was co-managed by Franklin Templeton, EFG Hermes, and Renaissance Capital.