The Sovereign Fund of Egypt acquires 49% in El-Ezaby Pharmacy

The Sovereign Fund of Egypt (TSFE) has acquired a 49 percent stake in El-Ezaby Pharmacy chain, El-Ezaby’s Chairman, Ahmed El-Ezaby said in a televised interview last night. The amount of TSFE’s investment was not disclosed.

El-Ezaby will utilize the investment to increase its branch count to almost 600. The pharmacy chain has been looking to expand its services to serve as much customers as possible and has future plans to offer its shares on the Egyptian Stock Exchange, El Ezaby added.

TSFE’s Healthcare & Pharma Subfund and B Investments partnered with El-Ezaby pharmacy chain to launch a new company to provide business-to-business (B2B) services to Egypt’s pharmaceutical sector, yesterday.

“We are keen on benefiting from the expertise of El-Ezaby, our main technical partner and the largest stakeholder in EZ International, and we look forward to working together closely to expand locally and regionally. Through this partnership, we offer independent pharmacies a new business model that supports their growth and business development,” Ayman Soliman, TSFE’s CEO, said in a statement.