By Abdel Qader Ramadan
Abraaj Group, which specialises in direct investment, announced last Thursday that it had submitted two tender offers, one for Cairo Medical Center and another for Cairo Investment and Real Estate Development, both of which are companies listed on the Egyptian stock exchange.
The company said in a statement that it had submitted a mandatory tender to acquire up to 100% of the shares in Cairo Medical Center listed on the stock exchange through one of its investment funds.
The Financial Supervisory Authority (FSA) announced on Thursday it had no objections to the publication of the mandatory tender submitted by Creed Healthcare LTD, a subsidiary of Abraaj Group. The offer to purchase 2.7m shares, which represents 100% of Cairo Medical Center’s capital, comes at a price reaching EGP 75 per share—a deal valued at EGP 202.5m.
The company said in a statement that the tender offer requires a minimum of 51% of the company’s total shares. It confirmed it had received sale pledges from shareholders with 50.09% of the company.
Abraaj also announced its submission of a tender offer to acquire a stake in Cairo Investment and Real Estate Development.
According to the company’s statement, Cairo Investment and Real Estate Development specialises in providing pre-university education, and owns and operates more than 17 private schools under its well-known brand name “schools of the future”.
The company is now working to establish Badr University, which aspires to be a leader in higher education in the coming years. Badr University is expected to begin its first phase in September 2014, with other phases to follow over the coming 3-5 years.