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Ibnsina Says Confident of Winning Antitrust Case as Shares Slump

  • Shares close down 10.7% at 9.46 pounds, lowest since January
  • Cairo Court fined four drug companies for manipulating market
Updated on

Ibnsina Pharma, Egypt’s second-biggest pharmaceuticals distributor, denied on Sunday that its sales practices broke competition rules and said it was confident of overturning a fine imposed by a Cairo court.

"The opinion of the lawyers we consulted is that our position is very strong and this is why we haven’t sought a reconciliation," Co-Chief Executive Officer Omar Abdel Gawad said in a phone interview.