ArabFinance: International Company for Medical Industries’s (ICMI) board of directors approved starting negotiations for the acquisition of two companies in the fields of pharmaceuticals and medical clothes, according to a filing to the Egyptian Exchange (EGX) on November 3rd.

ICMI will consider the acquisition of 70% of an EGP 150 million pharmaceutical company by increasing the company’s capital through credit balances.

The company will also study the acquisition of 72% of an EGP 6 million medical clothes company by raising the company’s capital through credit balances.

ICMI’s board approved appointing RIQUEZA for financial and business consulting and Elite Financial and Legal Consultations to conduct fair value studies for the considered companies.

Moreover, the board ratified a procurement and operation agreement for equipment, machines, and a technical team.