Trading on Rameda starts Wednesday

CAIRO - 11 December 2019: The Egyptian Exchange’s (EGX) announced Wednesday listing of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) in its market.

“Trading commenced on Rameda (RMDA.CA) with a celebration of company number 215 on EGX’s main market platform. in the presence of Rameda’s management, EGX’s Chairman Mohamed Farid Saleh and EGX management,” EGX said in a statement.

EGX added public and private offering covered 376,60 million shares representing 48.99 percent of the company’s total shares with a price of LE 4.66/share and with a total value of LE 1,754,983,960; LE 1.6 billion for private placement and LE87.7 million for public placement.

“The IPO resulted in allocating 18.83 million shares representing 5 percent of the total shares offered, while the private placement allocated 357,77 million shares representing 95 percent,” it clarified, adding that the private placement was oversubscribed by 1.2 times and the IPO by 36 times.

Farid welcomed the company number 215 to EGX’s platform, stressing that EGX’s management is working to improve the trading environment and simplify the listing procedures to enhance liquidity and raise the efficiency and depth of the Egyptian Capital Market.

Farid added that EGX’s management continues to provide all forms of support to the companies aiming for financing and growth.

CEO of Rameda Pharmaceuticals Amr Morsi expressed his pride in the result of the offering and joining EGX, which is a vital achievement in the company's growth plan and an endorsement of the company’s value in the market. He thanked his colleagues and all the parties responsible for the successful implementation of the company's offering.

Since 2011, the company has embarked on an ambitious expansion strategy, resulting in positioning Rameda Pharmaceuticals among the leading pharmaceutical companies in the Egyptian market.