Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has received a letter from TAT for Medical Services stating that it has dropped its offer to acquire Alexandria Medical Services - Alexandria New Medical Center, according to a statement to the Egyptian Exchange (EGX) on Wednesday. 

Earlier, TAT for Medical Services, a subsidiary of Alexandria Healthcare Investments, submitted a mandatory tender offer (MTO) to acquire up to 14.274 million shares or 100% of Alexandria Medical Services - Alexandria New Medical Center for EGP 49.04 apiece. 

In the first half (H1) of 2021, Alexandria Medical Services - Alexandria New Medical Center reported net profits of EGP 27.7 million, compared to EGP 4.98 million in H1-20.