CI Capital\u2019s bid to acquire 26.2% of Cleopatra Hospitals Group has received the greenlight from the Financial Regulatory Authority (FRA), the regulator said in a statement.<\/p>\n
MCI Capital Healthcare Partners, the CI Capital subsidiary that\u2019s executing the acquisition, submitted a voluntary tender offer last week to purchase the shares at EGP 5 apiece, valuing the company at EGP 8 bn.<\/p>\n
The fair value of the company has not been assessed by an independent financial advisor, a source familiar with the matter told Enterprise. MCI\u2019s offer is slightly higher than the company\u2019s current share price, which eased 1% to EGP 4.65 on Thursday, according to market data.<\/p>\n
The company\u2019s biggest shareholder also gave a nod of approval:<\/strong> Creed Healthcare, which owns 37.9% of CHG through its subsidiary Care Healthcare, has agreed to sell an 8-12% stake in the company from its holdings (126 mn-192 mn shares). MCI will likely acquire the rest of the shares through the EGX.<\/p>\n The acquisition bid comes on the back of strong 2021 <\/strong>earnings<\/strong> for the healthcare company<\/strong>, which reported 58% y-o-y growth in net income during the first nine months of the year on the back of a 38% y-o-y rise in revenues.<\/p>\n","protected":false},"excerpt":{"rendered":" CI Capital\u2019s bid to acquire 26.2% of Cleopatra Hospitals Group has received the greenlight from the Financial Regulatory Authority (FRA), the regulator said in a statement.<\/p>\n","protected":false},"author":4,"featured_media":320393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[358],"class_list":["post-324157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news","tag-ci-capital-holding"],"yoast_head":"\n