SFE not interested in Misr Pharmacies: T he Sovereign Fund of Egypt (SF E) is not currently involved in any discussions with the owners of Misr Pharmacies to acquire a stake in the company, a senior official close to the SFE told Enterprise yesterday. Lo cal me dia reported that the fund was in discussions with Misr Pharmacies’ owners to obtain a stake in the firm. Misr Pharmacies’ owners are looking to restructure the company to improve sales following a difficult period caused by the challenging economic conditions, local media reported. The company has been under financial pressure due to declining sales though conditions have begun to improve since March, according to the newspaper. The SFE likes pharma: Private equity firm B Investments and the SFE earlier this year unveiled plans to invest in Egypt’s healthcare and pharma industries under two agreements that could channel more than EGP 2 bn into the sector. The two parties set up a pharma logistics and distribution firm, EZ International, this year in partnership with leading pharma chain El Ezaby Pharmacy, which the SFE acquired a 49% stake in at the beginning of May. B Investments and EGX-listed MM Group (MTI) have together invested some EGP 505 mn in the company.

Misr Pharmacies is planning to invest EGP 120 mn this year to open new branches and set up a new digital platform, CEO Ahmad Hassan told Al Mal. The company will spend EGP 100 mn to open 10-15 new branches this year, and EGP 20 mn on an app for online purchases and deliveries, he said.