The Abraaj Group tenders offer for listed Egyptian hospital
The Abraaj Group has submitted a mandatory tender offer to acquire, through one of its funds, up to 100 per cent of the shares of Cairo Medical Center SAE, which is listed on the Egyptian Stock Exchange (EGX).
The mandatory tender offer is conditional to 51 per cent of the total outstanding shares being tendered.
Abraaj has already obtained irrevocable sale undertakings from the shareholders owning 50.09 per cent of the company.
Cairo Medical Center was founded in 1976 by Dr Hassan Zahed. It is located in Heliopolis, in a central location of East Cairo. Cairo Medical Center is a purpose-built facility and operates 177 licensed beds, eight operating rooms (including one dedicated 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 centre, a physiotherapy department, a laboratory and an imaging centre.
Abraaj 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 throughout the hospital and investing in staff training.
Abraaj has expertise in the hospital sector, having invested in Acibadem, a healthcare group in Turkey. Abraaj has also invested in the hospital sector in South Asia, South East Asia and Sub-Saharan Africa.
Ahmed Badreldin, partner and head of MENA at The Abraaj Group, says: “Our investment in Cairo Medical Center fits our wider strategy of supporting resilient and critical industries such as healthcare, and helping to facilitate the provision of quality and affordable healthcare with a strong focus on upgrading facilities and medical technology to improve overall patient care standards.”
Dr Tarek Zahed, chairman of Cairo Medical Center, says: “Cairo Medical Center is a landmark asset that was established by the late Dr. Hassan Zahed in 1976 and inaugurated in 1981. Over the past 33 years the hospital has provided medical care to a wide and diverse client base, with management ensuring that patients are served by a loyal team of top physicians as well as a qualified and experienced nursing team.”
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