Cairo – Mubasher: The Egyptian Exchange (EGX) resumed trading on the shares of Minapharm Pharmaceuticals as of the beginning of Sunday’s trading session.
The company announced signing a contract with the Russian Direct Investment Fund (RDIF) to manufacture 40 million doses of Sputnik V, the Russian vaccine against coronavirus (COVID-19), per year, according to a statement on Sunday.
The company said that the financial and commercial contract has not been signed yet.
Minapharm is expected to start the trial phase of the vaccine in the third quarter (Q3) of 2021.
On Thursday, trading was suspended on the company’s stock in light of an inquiry about news reports on signing a contract to produce the Russian vaccine.
Over the course of 2020, Minapharm achieved net profits of EGP 300.78 million, compared to EGP 141.09 million a year earlier, including minority shareholders’ rights.
The sales increased to EGP 2.36 billion last year from EGP 2.051 billion in 2019.
