Sabaa obtains finance of EGP 11M for expansions

Updated 2/23/2021 10:59:00 AM

ArabFinance: Sabaa International for Pharmaceutical and Chemical Industry (SIPC) obtained an EGP 11 million loan from its majority shareholders in order to finance the latest expansions, Al Mal News cited informed sources.

In the line with, the expansion plan, the company added two production lines to provide a powder used in many of its products, Al Mal added.

Sabaa is a family business owned by Sayed Al-Baili, Sahl Al Damrawi, and their related parties.

Last November, Sabaa obtained the Financial Regulatory Authority's approval to increase the issued capital by EGP 11 million.

The Egypt-based company is engaged in the pharmaceutical sector, with a generic product portfolio that includes products focused on different therapeutic categories.