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Alexandria New Medical Center's MTO exceeds EGP 535m

Alexandria New Medical Center's MTO exceeds EGP 535m
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Alexandria New Medical Center
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Cairo – Mubasher: The Egyptian Exchange (EGX) on Thursday announced that a mandatory tender offer (MTO) has been carreid out on the issued shares of Alexandria Medical Services - Alexandria New Medical Center at a value totalling EGP 535.42 million.

The transaction was executed on 10.92 million of Alexandria New Medical Center’s issued shares.

In August 2022, Egypt’s Financial Regulatory Authority (FRA) agreed to publish the disclosure form of the purchase offer submitted by LimeVest Partners and Tawasol Holdings for Financial Investments to acquire Alexandria New Medical Center.

The offer included purchasing up to 11.53 million shares or 74.08% of the shares of Alexandria New Medical Center at a price of EGP 47.67 per share. The purchase price has been later raised by the LimeVest-Tawasol consortium to EGP 49 per share.

The acquisition would give the LimeVest-Tawasol consortium 100% ownership.  

During the first half (H1) of 2022, Alexandria New Medical Center generated EGP 11.03 million in profits, compared to EGP 27.70 million in the corresponding period in 2021.