Arab Finance: Ibnsina 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.