British company estimates 400 million pounds to buy Egyptian company

The British company Glaxo Wellcome has totally allotted 400 million Egyptian pounds to buy Egypt's Amoun Pharmaceutical Industries Company (APIC).

The purchase would give about a 9% share of the Egyptian market to Glaxo, which has already presented an offer to buy 90.55 of Amoun's shares at a cost of 360 million pounds on the basis that Glaxo would buy the rest of Amoun's shares from the stock market.

Meanwhile, the chief of Amoun's board of directors, Tharwat Basili, said that the value of deal will be invested in the new Amoun company factory which was specified to produce medical preparations for treating tumors, immunity, and anesthetization.