The European Bank for Reconstruction and Development (EBRD) has fully exited its remaining 8.8 per cent stake in Ibnsina Pharma through the Egyptian Exchange (EGX).

The Bank acquired a 20 per cent stake in Ibnsina Pharma in 2015 through a combination of primary and secondary transactions to finance the development of the company’s warehouses, distribution centres and overall supply chain. Since then, the company has grown strongly, becoming the top pharma distributor in the Egyptian market and successfully expanding into a number of non-pharma operations.

Omar Abdel Gawad, the CEO of Ibnsina Pharma, said: “Our partnership with the EBRD has been invaluable to our growth story and expansion – a key part of our journey to becoming the number one player in the Egyptian market.”

Hassan Massoud, who oversees the EBRD’s private equity business in the southern Mediterranean, said: “Ibnsina Pharma has been an incredibly successful investment for the Bank, despite the very challenging Egyptian macro environment. The scale and timing of this transaction is testament to the depth of the Egyptian Exchange (EGX) as a credible exit venue for successful private equity investments.”

Ibnsina Pharma is an Egyptian joint stock company established in 2000 which specialises in the distribution of pharmaceutical products. The company is based in Cairo and operates a nationwide network of distribution outlets and warehouses.

The EBRD has carried out a number of equity investments in order to promote and support the private sector in Egypt, investing in companies such as Infinity (Africa’s largest renewable energy developer), Hassan Allam Renewable Energy, Global Corp (a leading leasing and factoring company) and Tamweely (a leading microfinance company). The Bank has also successfully invested in – and now exited – Egyptian healthcare providers such as Cleopatra Hospitals and Adwia/KELIX bio.

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than €13.8 billion in the country through 196 projects. The EBRD has invested in sectors such as finance, agribusiness, and manufacturing and services, as well as supporting infrastructure projects in areas such as power, municipal water and wastewater services, and helping to upgrade transport services‎.