Egypt Privatizing Drug Cos?
- Up to 40% of the stock of Memphis Pharmaceutical and Chemical Industries of Egypt is to be sold off by an Egyptian state holding company, according to a Reuters report. A spokesperson for the agents handling the sale said that the public will be offered 10%-30% of the the stock, and the remaining 10% on offer would go to Memphis employees. A price has yet to be set for the two-day offer, which is expected to open around September 10. The state has said that it will not sell more than 40% of the majority stake in its pharmaceutical firms to the public because of what it calls the "strategic" nature of this sector.
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