Egypt - Minapharm for Pharmaceuticals and Chemical Industries (MIPH) revealed that it has received a notification from Triquera BV — a shareholder in the company with a stake exceeding 27% — stating that a potential investor had subscribed to a minority stake in Triquera’s capital.

The company added that, according to the notification, the potential investor will conduct due diligence on MIPH.

Albert Samy — Director of Investor Relations in MIPH — told DNE that so far, the company has not received additional details about the potential investor.

Moreover, the share of the potential investor and their related parties will not reach the limits stipulated in the laws regulating purchase offers, and none of Triquera’s shares or its stake in Minapharm will be sold.

In a statement, the company said that the aim of the subscription process and the issuance of increased shares in Triquera BV is to finance the activities of the latter and its subsidiaries in the field of biotechnology, as well as open the possibility of acquisitions in the future of other regional entities working in the same field.

Triquera BV said that the memorandum of understanding (MoU) included some other items that must be fulfilled before implementing the subscription process.

These include, but are not limited to, the completion of due diligence, the conclusion of final and binding contracts, and obtaining the approval of the regulatory authorities for the subscription process.

The company also stated that Triquera’s letter requested enabling the potential investor to carry out due diligence on MIPH within the limits of the information, data, and documents disclosed to the public.

In 2014, Triquera acquired a 27% stake in MIPH.

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