EFG Hermes, the leading financial services corporation in Frontier Emerging Markets, successfully concluded advisory on the follow-on sale of 69.1million shares, representing 8.4% of Ibnsina Pharma shares on the Egyptian Stock Exchange. Shareholders have sold 8.4% of their shares in Ibnsina Pharma, amounting to around 69.1 mn shares, at EGP 9.7-10.22 per share, according to EFG Hermes (pdf). Among the sellers was the European Bank for Reconstruction and Development (EBRD), which reduced its stake to 8.7% from 10.1%,. The Abdel Gawad family also reduced its stake from 16.5% to 13.5% and the Mahgoub family from 16% to 13%. EFG Hermes acted as the sole sell-side book runner on the transaction. The sale is EFGHermes 'sixth ECM transaction in 2019, including Fawry's recent IPO, thefollow-on offering for Eastern Company on the EGX,the successful IPO of global payments platform Finablr on the LSE, the sale of 31.5 percent of Cleopatra Hospitals Group on the EGX as well as the IPO of Arabian Centers Company on the Saudi Tadawul.