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Ibnsina Pharma acquires El Shorouk Hospital for EGP 430M

Ibnsina Pharma acquires El Shorouk Hospital for EGP 430M

Arab FinanceIbnsina Pharma (ISPH) has acquired El Shorouk Hospital, a brownfield hospital in El Shorouk city, for EGP 430 million, with only EGP 200 million in cash and the rest as debt settlement, according to a press release on May 22nd.

The value of the acquisition contract covers the hospital’s real estate and operational assets, as well as the operating company.

El Shorouk Hospital is set to see further renovations and the addition of new equipment to be ready for operation by the end of 2022.

This takeover comes as part of the company’s investment strategy targeting related investment opportunities in the healthcare sector.

"This acquisition comes in line with our diversification strategy in the healthcare sector aiming to add lucrative free margin businesses through our investment arm AIM,” Mohsen Mahgoub, Managing Director of Ibnsina Pharma, said.

“We hired a team of professional experts with a strong track record in hospitals management to operate the hospital and expand our footprint” Mahgoub added.

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.

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