Saudi sovereign fund raises its stake in Egyptian Rameda by LE135.2M

CAIRO - 26 April 2022: Arqaam Brokerage Company announced that the seventh investment company, the subsidiary of the Saudi Public Investment Fund (the sovereign fund) has raised its stake in the capital of Tenth of Ramadan Pharmaceutical Industries and Diagnostic Products - Rameda, from 4.51 percent to 11.01 percent.

 

The company said in a statement to the Egyptian Exchange (EGX), Tuesday, that “the seventh investment” has purchased 65 million shares of “Rameda” with a total value of LE 135.2 million, at an average purchase price of LE 2.08 per share.

 

The Tenth of Ramadan Company for Pharmaceutical Industries and Diagnostic Products - Rameda, during 2021, achieved profits of LE 180.08 million during 2021, compared to profits of LE 111.51 million in 2020, taking into account minority rights.

 

The company’s revenues rose to LE 1.25 billion by the end of 2021, compared to LE 960.17 million in revenues during the previous year.

 

As for standalone results, the company's profits amounted to LE 182.2 million during 2021, compared to profits of LE 112.9 million in the previous year.