Cairo – Mubasher: Cleopatra Hospitals Group (CHG) said that it has not yet submitted the complete application to the Egyptian Competition Authority (ECA) concerning the full acquisition of Alameda Healthcare Group.

The group “is currently preparing the complete application and submissions addressing the points and concerns raised by the ECA,” according to a bourse disclosure on Thursday.

On Wednesday, the ECA issued an objection in principle to CHG’s plan to acquire Alameda Healthcare Group, saying that the acquisition would result in a monopoly in the healthcare market in Egypt.

During the first nine months of 2020, CHG logged net profits of EGP 182 million, up from EGP 169.9 million in the year-ago period, including minority shareholders’ rights.