Dubai's Abraaj exits investment in Tunisian pharma firm
Thursday, May 05, 2016
Dubai-based Abraaj Group has announced that it has successfully exited its investment in Tunisian pharmaceutical company, Unité de fabrication de médicaments, through an initial public offering on the Tunis Stock Exchange.
Unimed was the first IPO this year on the Tunis Stock Exchange, and the first in the pharmaceutical sector since 2007.
The IPO was priced at 11.8 Tunisian dinars per share, implying a market capitalisation of TND300 million ($150 million). The IPO was oversubscribed in the books by 32.6 times – the highest ever recorded for the Tunis Stock Exchange.
Abraaj invested in Unimed through one of its funds in 2011 and over the course of its investment, Unimed’s footprint expanded through an export-focused strategy.
As at December 31, 2015, 35 percent of total sales were from exports to over 17 countries in North Africa, West Africa, Europe and the Middle East. Additionally, revenue grew by almost 100 percent in 2015, compared to 2010.
Abraaj said Unimed has also increased its headcount by 14 percent on average per year.
It added that it has a strong track record of investing in healthcare, having deployed over $1 billion globally since 2003 across the healthcare spectrum in growth markets.
Unimed represents Abraaj’s second exit in the pharmaceutical sector in Tunisia. In 2013, Abraaj sold its stake in Opalia Pharma to international pharmaceutical company Recordati.
Adel Goucha, managing director at The Abraaj Group, said: “We recognised the healthcare opportunity in North Africa early on, in a market with a growing middle class, rising healthcare expenditure and expanding life expectancy. We are confident that the company is well positioned for continued growth and success ahead.”
Abraaj has four investments in Tunisia including the North Africa Hospital Holdings Group, a healthcare platform to enhance the quality and accessibility of healthcare in Tunisia, and L’Accumulateur Tunisian ASSAD, a battery manufacturer.
Source : arabianbusiness.com
