Ibnsina Pharma’s board nods to capital cut via writing off treasury shares

Updated 12/25/2022 12:00:00 PM
Ibnsina Pharma’s board nods to capital cut via writing off treasury shares

Arab FinanceIbnsina Pharma’s (ISPH) board of directors has endorsed cutting the company’s issued capital to EGP 257.641 million from EGP 279.041 million, according to a statement filed to the Egyptian Exchange (EGX) on December 25th.

The issued capital will be reduced by writing off 85.6 million treasury shares that account for 7.6% of the company’s capital.

Accordingly, Articles 6 and 7 of the company’s Articles of Association will be amended.

Established in 2001, Ibnsina Pharma is the second-largest pharmaceutical distributor in Egypt, distributing products from over 350 global and local companies to more than 46,000 customers of pharmacies, hospitals, wholesalers, and healthcare institutions.

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