EAEF In­vests in Orchidia Phar­ma­ceu­tics

The Daily News Egypt - - Business -

The Egyp­tian Amer­i­can En­ter­prise Fund (EAEF) an­nounced ac­quir­ing a 46.5% stake in Orchidia Phar­ma­ceu­ti­cal In­dus­tries, the com­pany an­nounced a week ear­lier.

Lo­rax Cap­i­tal Part­ners (LCP), EAEF’s in­vest­ment man­ager will or­ga­nize fund trans­ac­tions of staked owned by SPE Cap­i­tal (for­merly Swicorp Pri­vate Eq­uity) and other mi­nor­ity share­hold­ers.

EAEF pur­chased 38% from SPE and 3% from the chair­man and founder of Orchida Os­sama Ab­bass.

Nev­er­the­less cap­i­tal in­crease pro­ce­dures will be used to strengthen Orchidia cap­i­tal and fi­nance its ex­pan­sion plans.

Ac­cord­ing to James A. Har­mon, Chair­man of EAEF, they in­tends to pro­vide all nec­es­sary re­sources to fully sup­port Orchidia’s fu­ture growth plans to cater to the grow­ing Egyp­tian mar­ket as well as de­velop Egypt’s ex­port po­ten­tial.

“The Fund is also com­mit­ted to sup­port­ing the Egyp­tian pri­vate sec­tor with the goal of pro­vid­ing

more em­ploy­ment op­por­tu­ni­ties,” said Har­mon.

EAEF which is based in New York, is a pri­vate eq­uity and ven­ture cap­i­tal firm spe­cial­iz­ing in start-ups.

It seeks to in­vest in small and medium-sized en­ter­prises (SMEs) and mi­cro fi­nance in­sti­tu­tions in the food and bev­er­age sec­tor in Egypt.

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.