Cleopatra Hospitals Group (Cleopatra Hospital Company SAE) announced that it has submitted an approval from the Financial Supervisory Authority to publish an announcement of a compulsory purchase offer to acquire 100% of the shares of the Alexandria Medical Services Company (New Medical Center - Alexandria) S.A.E. M.M. [At 38.53 Egyptian pounds per share], in light of the advisors of Abu Dhabi Commercial Bank (a 51.5% shareholder in the capital of Alexandria Medical Services Company) managing the bank’s exit process, which the bank disclosed during March 2021 - as the group made an unsuccessful offer Binding, and I obtained examination reports negating the ignorance prepared by the advisors of the bank, and discussed this with the management of Alexandria Medical Services.
It is the largest private hospital in terms of clinical capacity in Alexandria, North and West Delta, with 300 beds, in addition to many leading departments at the level of the region, such as the liver transplant unit, which is the only one in the North and West Delta, the oncology unit, and the kidney transplant unit. The group will work closely with the doctors and staff of the new medical center to develop healthcare service through highly trained healthcare providers, high-quality facilities, and the latest medical technology.
Through this acquisition, Cleopatra aims to increase and enhance the volume of the new medical center's business as part of the group's keenness to invest in improving the quality of care, providing medical care at the highest level and institutionalizing health care in Egypt, supported by governance policies, business transparency and the financial resources available to the group thanks to expenditures. The unused public and the value of earnings before interest, taxes, depreciation and EBITDA depreciation last year alone amounted to more than 530 million pounds and more than 500 million pounds in cash in the combined budget, in addition to the absence of any indebtedness.
Based on the group's strong financial position and its investment capacity, the purchase will be funded from the self-resources of the Cleopatra Hospital Company, in addition to a portion of the cash financing from Ahli United Bank - Egypt, and the group has the liquidity and solvency necessary to invest in developing its hospital network and entering into new full acquisition opportunities. In the Egyptian medical sector, as part of its aggressive expansion plans that include many future growth opportunities for the group.
Cleopatra Hospital LLC. One of the most important companies listed on the Egyptian Stock Exchange since 2016 (with a board of directors with an independent majority) and the new acquisition offer is an affirmation of Cleopatra Group's confidence in the health sector in Egypt as a promising and attractive sector for investment and in terms of future opportunities, and this is reflected in the number of new investments in the sector. Since 2015, Cleopatra Group of Hospitals has invested more than one billion Egyptian pounds in improving the quality and infrastructure, developing medical technology in its hospitals, investing in the latest medical technologies and applying the best global healthcare practices to serve the Egyptian citizen.
The group puts transparency at the center of its business by publishing sustainability, environmental and social governance, ESG corporate governance reports, issuing financial statements and results, operating reports, material developments and more. The new acquisition is in line with the group's strategy and vision, which aims to add medical entities that are consistent with its trends in government and management policies that it follows in accordance with international standards for companies, transparency, financial, legal and operational status, and examinations that negate the ignorance, which the new medical center was able to achieve - and this acquisition completes a long record. One of the successes achieved by the company in the Egyptian market during the past years.
Dr. Ahmed Ezz El-Din, CEO and Managing Director of Cleopatra Hospitals Group, stated that this step is a strong addition in line with the strategy of Cleopatra Hospitals Group to provide high-quality medical services to all Egyptians and in various regions and cities outside Cairo, which are witnessing an increase in demand and a shortage of supply according to the needs of the market.
Ezz El-Din confirmed that Alexandria governorate is one of the geographical areas targeted for its expansion strategy as it is the second largest governorate in Egypt, with the high demand for high-quality medical services and the shortage of supply of beds, following the same approach that it took for its hospitals in Cairo and Giza, Cleopatra Group of Hospitals intends to continue investing in developing Alexandria's largest hospital, providing new medical services and technology at the latest level, and transferring knowledge by linking best healthcare practices between Cairo and Alexandria.
EFG Hermes is playing the role of financial advisor to the Cleopatra Group of Hospitals, and White and Case is playing the role of legal counsel.
It is worth noting that Cleopatra Hospitals Group - an Egyptian joint stock company - works in the health care field and owns 37.9% of its capital, Care Health Care LLC, which is owned by a group of major investors and international development financial institutions, including the European Bank for Reconstruction and Reconstruction (EBRD), and the Foundation German investment DEG and the French Agency for Development and International Cooperation Proparco.
 announced that it has submitted an approval from the Financial Supervisory Autho…){kind=link}
Comments
Post a Comment