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Abraaj buys stake in Uganda pharmacy chain

Purchase made through Africa Health Fund

Gulf News

Dubai: Private equity firm The Abraaj Group said on Wednesday it bought a stake in Uganda’s largest pharmacy retail chain, its latest investment in the healthcare sector.

Abraaj, founded in Dubai in 2002, didn’t disclose any financial details for the stake purchase in Vine Pharmaceuticals, which owns 21 stores in the African nation, according to a statement. The private equity group says it will support Vine Pharmaceuticals’ expansion outside the capital of Kampala as well as beef up the chain’s wholesale distribution network. Abraaj made the investment through its Africa Health Fund which was established in June 2009 with the International Finance Corporation, The African Development Bank, DEG, and the Bill & Melinda Gates Foundation as main investors.