CAIRO: Egypt s Bassily family has made a preliminary agreement to sell its 93 percent stake in Amoun Pharmaceuticals for at least LE 2.6 billion ($451 million), the chairman said on Wednesday. Sarwat Bassily, who founded Amoun in 1998, told Reuters he was offering the company for sale because at the age of 66 he wants to retire and none of his children are interested in the pharmaceutical business. He said the majority shareholders had signed a non-binding agreement with an international consortium which includes Capital International Private Equity Fund, Citigroup Venture Capital International and Concord International of New York. The preliminary agreement states a price range of LE 47 to LE 52.5 a share, but other companies or consortiums could still make higher bids, he said. Shares in Amoun Pharmaceuticals fell on Wednesday to LE 55.63, down the maximum 5 percent allowed in a session. The minority shareholders, who own the freely floating 7 percent of the company, would have an option to sell at the same price as that available to the family, Bassily said. A final sale is also subject to internal and regulatory approvals, which could take some 50 days, he said. Amoun made a net profit of LE 155 million in 2005, a 190 percent increase on the previous year. Amoun produces international products under license and exports to countries in sub-Saharan Africa, central Asia, and throughout the Middle East. Reuters
