Raya Holding Co., an Egyptian information technology firm, said its board approved buying a 30 percent stake in 10th of Ramadan Drug Manufacturing valued at as much as 214.8 million Egyptian pounds ($37 million).
The company will buy 120,000 shares at a maximum price of 1,789.93 Egyptian pounds per share of the drugmaker, Chairman and Chief Executive Officer Medhat Khalil said in a telephone interview today.
“We think this factory has huge potential, especially after we are able to modernize it,” Khalil said.
Raya shares gained as much as 1.8 percent to 6.1 pounds before trading 0.2 percent higher at 11:48 a.m. in Cairo. That valued Raya at 373 million pounds.