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FRA studies CHG’s request to acquire Alexandria Medical Services

FRA studies CHG’s request to acquire Alexandria Medical Services
The offer includes the acquisition of 14.274 million shares for EGP 550 million
Cleopatra Hospital
CLHO
-0.83% 7.21 -0.06

Cairo – Mubasher: Cleopatra Hospitals Group (CHG) has submitted a request to the Egyptian Financial Regulatory Authority (FRA) to make a mandatory tender offer (MTO) for 100% of the shares of Alexandria Medical Services - Alexandria New Medical Center.

The offer includes the acquisition of 14.274 million shares or 100% of Alexandria Medical Services for EGP 550 million or EGP 38.53 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday.

The offer is still under consideration by the FRA.

In a separate statement, CHG said that the board of directors approved the signing of a loan agreement worth EGP 371 million with Ahli United Bank-Egypt.

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