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Speed Round | EnterpriseAM
Cairo court reduces antitrust fine against Ibnsina Pharma execs
DISPUTE WATCH- Cairo court slashes antitrust fine against Ibnsina Pharma execs: The Cairo Appeals Court issued a ruling yesterday reducing an antitrust fine imposed on executives from Ibnsina Pharma to EGP 160 mn, down from an original EGP 2.04 bn fine handed down by the Cairo Economic Court, a source close to the matter told Enterprise. Ibnsina’s executives are permitted to appeal yesterday’s verdict with the Court of Cassation, which can order a retrial for the case, according to our source.Why it matters: First, reducing the fine to a reasonable figure signals to the wider business community that the court actually listened to arguments — always welcome news. Second, a settlement in the case is now a viable option and would eliminate the pronounced overhang over an otherwise very interesting share. EFG Hermes recently initiated coverage of Ibnsina, saying it was “well-positioned to capture Egypt’s rising … demand and continue outperforming the market.” EFG Hermes put a “buy” on the company’s shares with a target price of EGP 14.00 — and room to run to EGP 15.40 if the antitrust case was resolved. The company’s stock closed yesterday at EGP 10.90. Background: The Egyptian Competition Authority had brought a case against four distributors including Ibnsina, Ramco, Multipharma, and United Company for Distribution and Trade on allegations they colluded to cut credit periods and slash discounts to small retail outlets.

Wednesday, 20 February 2019

Up Next | EnterpriseAM
What we’re tracking this week and beyond
The Cairo Economic Court is due to rule tomorrow on an appeal by pharma distributors of an anti-trust fine. The distribution companies (Ibnsina, Ramco, Multipharma and United Company for Distribution and Trade) are appealing an Egyptian Competition Authority fine of EGP 5.6 bn for having allegedly colluded to cut credit periods and slash discounts to small pharmacies. The hearing comes amid speculation there could be an out-of-court settlement of the cases. The Electricity Ministry expected to sign an MoU with Cypriot officials to begin construction on a USD 1.5 bn subsea power cable to link Egypt’s electricity grid with Cyprus’ sometime this month, Al Mal had reported.FRA to look into an appeal by Raya’s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil’s mandatory tender offer (MTO) to take Raya private, local news reported. The Central Bank’s Monetary Policy Committee will meet to decide on interest rates on Thursday, 27 December.

Tuesday, 18 December 2018

Up Next | EnterpriseAM
What we’re tracking this week and beyond
The Federation of Egyptian Chambers of Commerce (known by the unfortunate acronym FEDCOC) will meet with its Saudi counterpart in Aswan tomorrow and Wednesday to discuss jointly working to promote the development of SMEs, federation boss Ahmed El Wakeel had said.The Cairo Economic Court is due to rule on an appeal by pharma distributors on Wednesday, 19 December. The distribution companies, including Ibnsina, Ramco, Multipharma and United Company for Distributions and Trade are appealing an Egyptian Competition Authority demand they pay as much as EGP 5.6 bn in fines for having allegedly colluded to cut credit periods and slash discounts to small pharmacies. The hearing comes amid speculation there could be an out-of-court settlement of the cases. The Electricity Ministry expected to sign an MoU with Cypriot officials to begin construction on a USD 1.5 bn subsea power cable to link Egypt’s electricity grid with Cyprus’ sometime this month, Al Mal had reported.FRA to look into an appeal by Raya’s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil’s mandatory tender offer (MTO) to take Raya private, local news reported. The Central Bank’s Monetary Policy Committee will meet to decide on interest rates on Thursday, 27 December.

Monday, 17 December 2018