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Abraaj exits Tunisia's Unimed via IPO

TUNIS, May 4, 2016

The Abraaj Group, a leading investor operating in global growth markets, has exited its investment in leading Tunisian pharmaceutical company Unité de fabrication de médicaments (Unimed) through an initial public offering (IPO) on the Tunis Stock Exchange.

The Abraaj Group invested in Unimed through one of its funds in 2011.

The Unimed issue 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 (TND) per share, implying a market capitalisation of TND 300 million (approximately $150 million). The IPO was oversubscribed in the books by 32.6 times – the highest ever recorded for the Tunis Stock Exchange, said a statement.

Unimed is a leading pharmaceutical company in Tunisia, specialising in sterile dosage forms such as liquid and powder injectables, intravenous (IV) solutions and a range of ophthalmic products.

Abraaj 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.  

Ahmed Badreldin, partner and regional head of Middle East and North Africa at The Abraaj Group, said: “It has been a privilege partnering with Ridha Charfeddine, who with the support of a solid management team and dedicated employees, has built Unimed into a leading pharmaceutical company, recognised for delivering high quality products across North Africa.

“We are very proud of the oversubscribed offering and the successful listing of Unimed on the Tunis Stock Exchange. Unimed’s listing not only supports Abraaj’s rationale of investing in well-managed companies with proven business models and the capacity to scale, but is also an indicator of foreign investor confidence in North African businesses,” he added.

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. On the back of these demographic fundamentals, Unimed has achieved substantial growth in revenues and expanded its brand across the region through a widened export footprint. We were also able to focus on the development of production technologies and invest in R&D to improve the long-term competitiveness of the business. We are confident that the company is well positioned for continued growth and success ahead.”

The Abraaj Group 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 leading battery manufacturer.  - TradeArabia News Service
 




Tags: IPO | Abraaj | Unimed |

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