Sigma Pharmaceutical Industries SAE and Ahmed Abd El Monem Aly Habib signed a share purchase agreement to acquire 76.4% stake in Spimaco Misr for Marketing Company from Saudi Pharmaceutical Industries and Medical Appliances Corporation (SASE:2070) on November 13, 2023. SPIMACO will have a put option to sell its remaining 14.2% shareholding in SPIMACO Misr (and Sigma will have a call option). The Transaction's completion is contingent upon meeting several preconditions outlined in the SPA.

This includes receiving necessary approvals from pertinent government entities in KSA and Egypt. The SPA holds a clause that permits SPIMACO or SIGMA to annul the agreement if conditions remain unmet within a 12-month frame from the SPA's date. The Transaction is set to be finalized in the first half of 2024.

For FY 2022, Spimaco Misr had revenues of EGP 21.2 million and net loss of EGP 38.6 million. In a related agreement, SPIMACO is acquiring 68% stake in Osmopharm in a share swap supplemented with cash consideration.