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Abraaj to acquire Egypt’s Cairo Medical Centre

: Saturday, June 21 - 2014 @ 13:40

UAE-based Abraaj Group has submitted a mandatory tender offer to acquire all the shares in the Cairo Medical Centre, Bloomberg has reported. The hospital group, which has a market value of EGP206.5m ($29m), is a tertiary care facility with 177 beds located in east Cairo. The offer for the hospital group is conditional on 51% of the outstanding shares being tendered, Dubai-based Abraaj said. The company, which manages about $7.5bn, has so far obtained “irrevocable sale undertakings from shareholders owning 50.09%” of the company’s equity, it said. Abraaj said it plans “significant” investment to upgrade facilities and staff training to improve service quality.

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Saturday, June 21- 2014 @ 13:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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