Gulf investor seeks stake in Egypt’s CID pharmaceutical company
As part of the Egyptian government’s privatization plan, negotiations are currently underway with an unnamed Gulf investor for the purchase of a stake in the state-owned Chemical Industries Development (CID) pharmaceutical company, reported Al-Alam Al-Yaum .
The Cairo-based CID is one of eleven pharmaceutical manufacturing companies affiliated to the Egyptian Holding Company for Pharmaceuticals and Chemicals (HCPC). HCPC Chairman Galal Ghorab stated that negotiations were still at their beginning and that according to guidelines set by the Ministerial Privatization Committee only a minority stake of up to 40 percent could be up for sale to a private anchor investor.
CID manufactures pharmaceutical products for human and veterinary use. It specializes in the production of effervescent tablets, medicinal herbal teas, dehydration salts, contraceptives, hormones and antibiotics preparations. The company exports its products to the Middle East, Africa and Europe. — (menareport.com)
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