Pfizer submits bid to purchase 15% stake in Egyptian subsidiary
Egypt's Capital Markets Authority (CMA) has received a tender offer from pharmaceutical company Pfizer to acquire 15 percent of Pfizer Egypt at a price of four dollars per share, reported CASE.
Pfizer Egypt has decided to delist from the Egyptian bourse, buying back 15 percent of the company's shares that are publicly traded. "Pfizer will buy the 15 percent," said Pfizer Egypt's director of external affairs and policy in the Middle East, Ahmed al-Hakim in Reuters. He said the delisting was likely to take place "within the next few weeks".
US-based Pfizer Inc. currently controls 85 percent of Pfizer Egypt. The North African branch was established in 1961 and was one of the first foreign companies to start manufacturing pharmaceutical and veterinary products in Egypt. — (menareport.com)
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