Sunday, April 11, 2021

Avicenna proposes to distribute 0.16 bonus shares to its shareholders

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The board of directors of “Ibn Sina Pharma” proposed distributing dividends to shareholders for the year 2020 in the form of bonus shares.

The board approved the distribution of 40 million pounds, by 0.1666 free shares for every original share of the issued capital shares, before the 960 million increase in shares, with fractions being compensated for the benefit of small shareholders from the smallest to the largest.

This increase will be financed from the company’s net profits for the past year. After the increase, the company’s capital becomes 280 million pounds, distributed over 1.12 billion shares, with a nominal value of 25 piasters per share.

The Board also agreed to submit a proposal to the extraordinary assembly to amend Articles 6 and 7 of the company’s articles of association.

The profits of “Ibn Sina Pharma” company decreased by 32% during the past year to reach 224.7 million pounds, compared to a net profit of 328.8 million pounds during the previous year 2019, taking into account the rights of the minority shareholders.

While the company’s revenues increased during the past year 2020 to reach 18.67 billion pounds, compared to total sales of 16.6 billion pounds in the previous year.

Ibn Sina Pharma signed a partnership agreement with Bayer to import and distribute pharmaceutical sector products that require prescription use as well as consumer health products that do not require a prescription in Egypt.

Bayer has been a pioneer in the pharmaceutical industry for more than 150 years, with extensive experience in the health and agricultural sectors.

Avicenna pointed out that, as of 2019, Bayer had 392 companies operating in 87 countries.

Mohsen Mahjoub, Chairman of the Board of Directors of Ibn Sina Pharma, expressed his pride in concluding an import and distribution agreement with Bayer, a global company that has always had a future outlook and an innovative spirit aimed at improving the health and well-being of Prime Time Zone around the world.

Mahjoub indicated that the strategic partnership will have a positive impact on enhancing the range of medicinal products that Avicenna Pharma distributes and making the latest pharmaceutical solutions and products available to patients in the Arab Republic of Egypt.

Dr. Mohamed Abdel-Gawad, the co-managing director of Ibn Sina Pharma, added that the signing of the agreement took place after a careful review by Bayer of the supply network and distribution capabilities of Ibn Sina Pharma, which reflects the success of the business model adopted by the company, which focuses on establishing a single system to provide all products. And services including distribution, import, storage and marketing services, as it reflects that Ibn Sina Pharma is the preferred distributor for major global and local pharmaceutical companies.

Abdel-Gawad added: “Bayer seeks, through this agreement, to enhance the presence of the company’s products in Egypt to provide the highest level of patient service and to make available the latest therapeutic innovations.”

He stated: “The pharmaceutical sector in Bayer recorded sales of 722 million pounds during the year 2020, according to IQVIA reports, with an ambitious plan for double-digit growth during 2021, while the consumer health sector recorded sales of 401 million pounds during 2020, with a target growth of 30 % During 2021 ″.

He continued: “This Ibn Sina Pharma company distributes products from a base of more than 350 international and local suppliers to 43 thousand pharmacies, hospitals and health facilities in various governorates of the Arab Republic of Egypt.”

For his part, Muhammad Jalal, Vice President of Consumer Health at Bayer in the Middle East, expressed his keenness to provide the latest treatment innovations in order to make a positive change in the health of millions of Prime Time Zone around the world, through our geographical spread around the world and our group of brands that the patient trusts. We help heal the sick and help Prime Time Zone maintain their health for a better life for themselves and their loved ones.

He also expressed optimism about the agreement concluded with Ibn Sina Pharma, which is known for its high efficiency, speed and strength of the distribution system that it owns in the Egyptian market, in a way that helps facilitate the access of the company’s products to patients in Egypt.

He concluded by saying that he looks forward to developing the business between the two companies in the coming years, seeking to serve patients in the Arab Republic of Egypt with the latest therapeutic innovations.

In a related context, Samer Lazeeq, General Manager of Bayer Egypt, said that Egypt is one of the largest markets in the Middle East in terms of the number of units sold, so choosing the right partner is of great importance to Bayer.

He added that the comprehensive health insurance law that was issued in 2017 is the most important step in the Egyptian health sector during the past fifty years and an important step to give all Egyptians the right to comprehensive health insurance with international quality. Therefore, Bayer assists the Egyptian government’s efforts to implement its plans and confirms its commitment to providing the latest Therapeutic innovations in Egypt.

The article “Avicenna” proposes to distribute 0.16 bonus shares to its shareholders. It was written in Al-Borsa newspaper.

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