B Pharma, an investment vehicle established by B Investments, plans to pump EGP 500m in the capital of EZ International which was recently established by B Pharma in partnership with TSFE Healthcare & Pharma Subfund.
B Pharma will have a 49% stake in EZ International, which owns El-Ezaby Pharmacies, and the remaining share will go to businessman Ahmed El-Ezaby.
Omar El-Labban, Head of Investor Relations at B Investments, revealed that the capital of B Pharma amounts to EGP 500m, distributed as 60% for B Investments, and 40% for MM Group, which contributed EGP 200m of the platform’s capital.
El-Labban explained to Daily News Egypt that the platform will direct its investments to El-Ezaby pharmacies in order to finance the expected expansions. This move aims to boost the number of pharmacies’ branches during the coming period.
MM Group announced earlier that it is establishing B Pharma in partnership with B Investments Holding Company, with a stake of 40% for the former and 60% for the latter.
B Investments had earlier obtained a credit facility of about EGP 150m from the National Bank of Kuwait.
For his part, Khaled Mahmoud, CEO of MM Group, said that the health care sector, and the sector of distributing and trading medicines witnessed great growth in Egypt.
Hazem Barakat, co-founder and chairman of B Investments, said that the pharmaceutical sector is very vital to the Egyptian market, and expressed happiness about partnering with MM Group.