MCI Capital Healthcare Partners, a subsidiary of state-owned financial services company CI Capital, has acquired 23 percent of the Cairo-listed Cleopatra Hospitals Group for 5 Egyptian pounds per share, in a 1.83 billion Egyptian pounds ($117 million) deal.
This followed the earlier agreement between the subsidiary of private equity firm MCI and the bidding company pledging to offer between 8 and 12 percent of the company’s shares, Asharq reported.
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Under the terms of the agreement, Cleopatra, which manages six private hospitals and three clinics, sold 1.12 percent of its shares, which were held as treasury shares.
“The stock, after the completion of the deal, targets the levels of 5.50-5.60 Egyptian pounds,” Asharq stated, citing the head of the technical analysis department at Naeem Securities Brokerage.
Source: Arab News
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