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UAE’s Abraaj Submits Tender To Buy Cairo Medical Center

UAE’s Abraaj Submits Tender To Buy Cairo Medical Center

The investment firm said it plans to make a significant capital expenditure in the listed Egyptian hospital.

UAE-based Abraaj announced that it has submitted a tender offer to acquire up to 100 per cent of the shares of Cairo Medical Center, ‬a 177-bed hospital listed on the Egyptian Stock Exchange.

The offer has been made through one of its funds, the investment firm said in a statement, without offering financial details.

Abraaj has already obtained irrevocable sale undertakings from the shareholders owning 50.09 per cent of the company. Its offer is now conditional to 51 per cent of the total outstanding shares being tendered.

Located in Heliopolis, Cairo Medical Center was founded in 1976 and operates 177 licensed beds, eight operating rooms (including one open heart operation room), over 20 outpatient consultation rooms and an emergency room.

It also operates an endoscopy unit, a cardiac catheter department, a cardiac investigation center, a physiotherapy department, a laboratory and an imaging center.

“Cairo Medical Center is the first private sector hospital built in Egypt,” said Sayed Hassan Moussa, vice chairman of Cairo Medical Center. “Since its inception, the hospital has undergone important upgrades including the addition of a CT scan machine, an open heart operation theatre and the installation of a cardiac catheter center with a focus on continuously improving patient care standards in Egypt.”

Abraaj said it plans to undertake a “significant capital expenditure programme” at Cairo Medical Center with the objective of upgrading the medical facilities, installing state of the art equipment and investing in staff training.

Ahmed Badreldin, partner and head of MENA at Abraaj, said: “Our investment in Cairo Medical Center fits our wider strategy of supporting resilient and critical industries such as healthcare.”

Abraaj has invested in healthcare businesses in Turkey, South Asia, South East Asia and Sub-Saharan Africa.

During its four-year investment in Turkish healthcare group Acibadem, the business grew from six to 14 hospitals, increased bed capacity from 750 to over 1,850, and created approximately 5,000 jobs, Abraaj said.

The company sold its 50 per cent stake in Acibadem to Integrated Healthcare Holdings and Khazanah Nasional in January 2012 for an undisclosed sum.

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