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

Cleopatra Hospitals Group intends to acquire 51.5% of Alexandria New Medical Center
The group is currently negotiating the terms of the letter of intent with CI Capital
Cleopatra Hospital
CLHO
0.88% 4.59 0.04

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.