Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE), through its TSFE Healthcare & Pharma Subfund, has teamed up with private equity firm B Investments Holding as well as El-Ezaby Pharmacy to launch EZ International, breaking new ground in Egypt’s EGP 130 billion pharmaceutical sector.
TSFE and B Investments will be moving ahead with a two-year capital increase plan to endorse the new venture, according to a press release.
The proceeds will help EZ International roll out high-quality services to over 500 pharmacies across Egypt, starting with El-Ezaby’s more than 250 branches. Meanwhile, the new entity will deploy the latest digital technology.
EZ International will be a dependable one-stop shop for pharmaceutical companies in Egypt. It will provide the firms with a wide range of services from logistical and administrative support to distribution and trade services, aiming to grow their businesses and ensure customer satisfaction.
TSFE’s Chairperson Hala El-Said, who serves as Egypt’s Minister of Planning and Economic Development, said: “The Sovereign Fund of Egypt collaborates with only the top experts and specialists to ensure that its projects are successful and create real and positive social impact through distinctive services at competitive costs, which contributes to achieving the state’s goals and the state’s ownership policy document.”
Ayman Soliman, the CEO of TSFE, commented: “We are keen on benefiting from the expertise of El-Ezaby, our main technical partner and the largest stakeholder in EZ International, and we look forward to working together closely to expand locally and regionally.”
B Investments’ Co-Founder and Chairman, Hazem Barakat, said the entity will use its strong financial and administrative expertise to develop and support firms in Egypt’s healthcare and pharma sector.
Earlier in 2023, the listed company unveiled two agreements with Egypt’s sovereign fund to invest in specialised healthcare and pharmaceutical distribution and trade services across the country. One of the deals covered pumping EGP 100 million into B Healthcare Investments (BHI), a fully-owned subsidiary of B Investments.
In 2022, the consolidated net profits after tax of B Investments stood at EGP 1.33 billion, including non-controlling interest, while the revenues reached EGP 1.50 billion.
