Cairo - Mubasher: Saudi Seventh Investment Company, a subsidiary of the Public Investment Fund (PIF), has increased its stake in Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) from 4.51% to 11.01%.

The Saudi company purchased 65 million shares in Rameda for EGP 135.20 million at an average price of EGP 2.08 per share, according to a bourse disclosure on Tuesday.

It is worth noting that Arqaam Securities Brokerage was the broker for this transaction.

In the first half (H1) of 2021, Ramed logged net profits worth EGP 61.47 million, a 41.40% year-on-year (YoY) rise from EGP 43.47 million.