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Advanced Pharmaceutical of Egypt Rises After Private Placement

June 27 (Bloomberg) -- Advanced Pharmaceutical Packaging Co., an Egyptian manufacturer of small glass drug containers such as the ones used for insulin, rose as much as 10 percent after announcing a private placement of its shares.

The stock climbed to 23 Egyptian pounds on the Egyptian Exchange earlier today. The shares traded at 20.95 pounds at 1:44 p.m. in Cairo, giving the company a market value of 71.2 million pounds ($12.5 million).

Advanced Pharmaceutical Packaging, a family owned company since its inception in 1995, placed 30 percent of its shares last week at 20.88 pounds. The company plans to expand in Eastern Europe and the Middle East, its main export markets.

To contact the reporter on this story: Ahmed A. Namatalla in Cairo anamatalla@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.

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