Cleopatra Hospitals Group intends to acquire 51.5% of Alexandria New Medical Center

The group submitted an initial non-binding letter of intent to the sell-side financial advisor, CI Capital

  
Cairo – Mubasher: Cleopatra Hospitals Group (CHG) announced its intention to acquire Abu Dhabi Commercial Bank’s (ADCB) 51.5% stake in Alexandria Medical Services - Alexandria New Medical Center.

The group submitted an initial non-binding letter of intent to the sell-side financial advisor, CI Capital, and is currently negotiating the terms of the letter, CHG said in a bourse disclosure on Tuesday.

On Sunday, Speed Medical Company announced that its 80.25%-owned subsidiary Speed Hospitals signed an alliance agreement with LimeVest Fund and Tawasol, a subsidiary of the Saudi Elaj Group, for the acquisition of Alexandria Medical Services - Alexandria New Medical Center.

During 2020, CHG reported net profits of EGP 297.6 million, up from EGP 265.35 million in 2019, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities