Economy
Alta Semper Quits Egypt’s Macro Group Pharmaceuticals
By Aduragbemi Omiyale
After the successful competition of its initial public offering (IPO), Alta Semper Capital has exited Macro Group Pharmaceuticals, a leading cosmeceuticals manufacturer in Egypt.
Since Macro Group became a portfolio holding of Alta Semper in 2017, the latter has supported the former in nearly doubling its market share.
Today, its diversified portfolio encompasses 112 products across a variety of high-growth therapeutic areas, with Alta Semper boosting Macro’s top line to $27 million by the end of 9 months of 2021, three times its 2017 revenues, while ensuring profitability and increasing its EBITDA and bottom-line to $11 million and $10 million respectively during the same period, nearly 3x its 2017 levels.
It was learned that shares of Macro Group began trading on February 10, 2022, in a Reg S, 144 A initial public offering under the symbol MCRO:CA on the Egyptian Exchange and the final offer price stood at EGP 4.85 per ordinary share or 2.8 bn EGP (equivalent to $178 million).
The co-founder and CEO of Alta Semper, Afsane Jetha, while commenting on the development, stated that, “We are proud of our successful journey with Macro Pharmaceuticals and its tremendous growth on the financial, operational, organizational and social impact level during the tenor of our partnership.
“It has been a pleasure working alongside such a skilled and motivated management team as they established a leadership position in Egypt’s burgeoning cosmeceutical space, and we congratulate them on their continued success.”
On his part, the Managing Director and Head of North Africa for Alta Semper, Mr Ahmed Rady, who also serves as Vice Chairman of Macro Group, disclosed that, “Since our investment in 2017, we have worked alongside Macro’s relentless management team to supercharge sustainable growth, expand operating margins, and lay the foundations for a more impressive future.
“We have successfully grown gross profit margin from 63% in 2018 to 80% in 9M 2021, grown EBITDA margin from 21% in 2018 to 41% in 9M 2021, and have achieved an impressive EBITDA CAGR of 89% over the period of 2018 to 2020. In an industry that is witnessing transformational growth, we believe Macro Group will continue to shape what is a thriving and rapidly expanding market.”
Alta Semper’s shareholder base has played a strategic role in improving Macro Group’s financial capabilities, as well as its sustainability and governance practices.
The firm’s investors include institutions such as the International Finance Corporation, the investment arm of the World Bank, IDI Emerging Markets, and Mbuyu Capital Partners, in addition to expert individuals such as former Citigroup Chairman Richard Parsons and businessman and philanthropist Ronald Lauder, heir to the Estée Lauder cosmetics company.
“It is gratifying to see this positive investment outcome for a company dedicated to improving quality of life for millions of Egyptians,” said Richard Parsons, Founding Shareholder and Chairman of the Investment Committee of Alta Semper. “We have a longstanding commitment to investing on the African continent for positive change. The success of Macro Group is emblematic of the type of outcome we seek.”
Ronald Lauder, a Founding Shareholder of Alta Semper, added that “Our mission as investors is to advance entrepreneurial activity across Africa in a manner that serves as a catalyst for sustainable development and broadly improves the quality of life on the continent.”
Macro Chairman and Co-founder, Dr. Ahmed El Nayeb, concluded “I am extremely proud of the organization we have built over the last 18 years, from its humble beginnings to becoming the market leader in Egypt’s cosmeceutical space and the first of its kind to go public in Egypt. The IPO marks yet another significant milestone for our business and we will continue to deliver on our vision of regional leadership within the cosmeceuticals and nutraceuticals space.”
Alta Semper has overseen Macro Group’s Environmental, Social and Governance enhancements, which has resulted in increased female workforce representation with women comprising 42% of total staffing and occupying 18% of senior management positions.
Community outreach through Medical Convoys in collaboration with the Egyptian Ministry of Health has directly benefitted over 8,000 patients since 2017. With an eye on Sustainable Development Goals, the Company has been able to deploy training programs outside of the urban centre of Cairo, across more rural areas in Upper Egypt and the Delta.
In tandem, Environmental practices have been improved through energy efficiency initiatives, waste minimization and switching to raw materials with a lower environmental impact. Macro remains committed to enhancing its ESG practices as well as striving to contribute to the enhanced achievement of the Sustainable Development Goals in the years to come.
Learn more at www.altasemper.com.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
