Cairo – Mubasher: The board of directors of Minapharm Pharmaceuticals decided to proceed with establishing a new Germany-based company which will be affiliated to its 96.79%-owned subsidiary ProBioGen AG.
Minapharm will hold a 49% stake in the new company, while ProBioGen will own the remaining 51%, according to a bourse disclosure on Wednesday.
Pending the approval of ProBioGen’s board of directors, the new company will have a capital of EUR 10 million to which Minapharm will contribute EUR 4.9 million (EGP 93.1 million).
Over the course of 2020, Minapharm achieved net profits of EGP 300.78 million, compared to EGP 141.09 million a year earlier, including minority shareholders’ rights.
The sales increased to EGP 2.36 billion last year from EGP 2.051 billion in 2019.
