Cairo – Mubasher: Cleopatra Hospital Co. announced that its board of directors approved the acquisition of 100% of a medical group owning several hospitals in an Arab country.

The acquisition is contingent on satisfactory results of the due diligence process to be conducted on the companies and hospitals owned by the medical group as well as the fair value report to be issued by the independent financial advisor and the negotiations with the seller, according to a statement to the Egyptian Exchange (EGX).

The board also approved to pay the value of the shares through the issuance of a debt instrument to the company owning the medical group.

The debt instrument will be paid through the issuance of new shares in Cleopatra Hospital, by raising the company’s capital at fair value.

Cleopatra Hospital’s capital stands at EGP 800 million, distributed over 1.6 billion shares, at a nominal value of EGP 0.50 per share.

Earlier in November, Cleopatra Hospital Co. announced the completion of the acquisition of El-Kateb Hospital.